CNBC’s Jim Cramer said he is disappointed in the tariffs rolled out by President Donald Trump, explaining that while he is not a free trade advocate, the administration nonetheless “screwed it up.”
On Wednesday, Trump announced broad tariffs on all imports, with a baseline figure of 10% on all foreign goods. Additionally, he targeted dozens of countries for even higher tariffs. For example, Vietnamese imports were hit with a 46% tariff, while the European Union was hit with a 20% tariff. The president justified the measures using a chart that falsely claimed that a host of other countries have imposed exorbitant tariffs on U.S. goods.
Cramer appeared on Thursday’s OutFront on CNN, where he spoke with host and former CNBC colleague Erin Burnett. Hours earlier, the major U.S. stock indexes all closed sharply in the red.
“What the heck is going on?” Burnett asked.
“Well, I’m let down because – yes, I’m not a free trader – I’m a fair trader,” Cramer replied. “I always have been from the days when you worked with me at CNBC. And what I was hoping [for] was that a coordinated thing where if you are charging us 20%, we charge you 20%. Instead of a car where we’re only making you pay two and a half and you’re not letting us in, we try to get things better.”
Cramer went on to say he examined Trump’s numbers and found, “The numbers do not make any sense.” He went on to say he “really believed” the president would unveil a sensible trade policy based on real data:
And what bothered me, Erin, was that they really did – over and over again – the president said, “Listen, it’s going to be reciprocal. So, you do it, we do it.” And that was gonna be so good. And I really believed in it. And I feel like a sucker tonight because I am not a free trader and I do not believe in free trade. And I was just as tough, if not tougher, than his people.
But they screwed it up and they really made– they did it a totally ill-advised way. And I was very let down as someone who really, truly believes that free trade is awful for the American working person. This is what they came up with? Jeez, come on! Have some gumption. Have some math.
Watch above via CNN.
