Cramer Slams Trump’s Tariffs: ‘I Feel Like Sucker’
CNBC host Jim Cramer, an initial supporter of “reciprocal” tariffs, delivered a scathing rebuke of President Donald Trump’s implementation of the policy that has sent markets into their steepest decline since the COVID-19 pandemic. The “Mad Money” host expressed deep disappointment and admitted he was wrong to have trusted the administration’s competence in executing the trade strategy.
“I went deep on the numbers today, and the numbers did not make any sense,” Cramer told CNN’s Erin Burnett on Thursday, according to AL.com. “What bothered me… over and over again, the president said, ‘It’s gonna be reciprocal… and that was gonna be so good. And I really believed in it.”
The markets reacted violently to Trump’s “Liberation Day” announcement, with the S&P 500 tumbling 5.7% on Friday alone. The Dow Jones Industrial Average plunged over 2,000 points as Wall Street experienced its worst crisis since the pandemic market crash of 2020. Even a better-than-expected jobs report failed to stem the rapid decline.
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Calculation Method Under Fire
Cramer’s criticism focused particularly on the methodology behind the tariff rates, which deviated significantly from the promised reciprocal approach. “The chart that they had with the mathematical equation, I mean are you kidding me? How about the fact that it was just wrong?” he asked incredulously during his CNN appearance.
According to The Street, the tariffs weren’t based on a reciprocal calculation as initially suggested. Instead, they “reflected the trade deficit we have with that particular country divided by their exports,” according to veteran analyst Peter Boockvar. This divergence from the promised approach appeared to fuel Cramer’s sense of betrayal.
“I feel like a sucker tonight,” Cramer continued, “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… they did it [in] a totally ill-advised way, and I was very let down.”
CRAMER on Trump’s Tariffs: “I feel like a sucker.” pic.twitter.com/KhPNobO2v9
— The Tennessee Holler (@TheTNHoller) April 4, 2025
Economic Complications
The market collapse comes at a particularly challenging economic moment. Inflation, while lower than its peak, has stopped declining and actually crept higher in recent months to 2.8% in February from 2.4% in September. This puts the Federal Reserve in a difficult position as it balances its competing mandates of ensuring price stability and maximum employment.
Trump’s tariff policy has further complicated this balancing act. While proponents argue tariffs will help bring manufacturing back to America, critics note they increase costs on goods, potentially accelerating inflation at precisely the time the Fed needs it to fall to justify interest rate cuts that could support the slowing economy.
These conflicting pressures have increased fears of stagflation or even recession, sending investors rushing to sell stocks and lock in previous gains. The tech-heavy Nasdaq has been hit particularly hard, falling nearly 6% on both Thursday and Friday, and now sits 22% below its recent peaks.
‘Bush League’ Execution
Cramer, who has witnessed numerous market cycles since beginning his career at Goldman Sachs in the mid-1980s, reserved his harshest criticism for the implementation of the policy rather than its underlying concept.
“I’m let down… I was hoping for a coordinated thing where if you are charging us 20% that we charge you 20%,” he explained. “This is what they came up with? Jeez, come on, have some gumption, have some math.”
The veteran market commentator expressed particular frustration over what he viewed as an unnecessary market rout. “None of this stock market, none of this had to happen. And I feel bad because a lot of people lose money when this happens,” Cramer said. “The way that they handled it was so bush league that I was surprised. President Trump has people around him who know these things.”
His final assessment was unsparing: “I thought they were gonna do something. And what they’d do? They crater the damn stock market and gave us nothing.”
As markets prepare to open for a new trading week, investors and analysts will be watching closely to see if the administration adjusts its approach in response to the market turmoil, or if further volatility lies ahead.
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