CNBC anchor Jim Kramer reiterated his support for President Trump's tariffs, keenly criticising free trade policies on Thursday, doubling his longtime opposition to the agreement that has enjoyed decades of support from American business and finance leaders.
“I'm definitely a challenge. I hate free trade,” Cramer said. He said when he appeared on CNBC's “Squawk on the Street” on Thursday.
He added:
Kramer's pointed remarks follow Trump's announcement on Wednesday that he intends to impose a 25% tariff on imported cars and certain auto parts.
Next week, the president is also expected to introduce additional tariffs labeled “mutual tariffs.”
Since returning to the White House in January, Trump has already raised tariffs on imports from China, Mexico and Canada.
Trump enacted tariffs because he pledged what he would do during the presidential election.
However, Wall Street responded negatively to the president's unpredictable and changing trade strategy. This has created anxiety among both business sectors and consumers.
This uncertainty has contributed greatly to stock market volatility, with concerns surrounding the economy and international trade causing rapid sales in recent weeks.
Nevertheless, the S&P 500 Index recovered slightly from its low earlier this month, showing a small profit during Thursday's trading session.
Cramer has long been skeptical of free trade and has openly supported Trump's previous tariff policies targeting China.
In the second half of 2019, Cramer said: “If we trade jobs for cheap, we should at least get a good exchange rate.”
However, Cramer has also expressed reservations regarding certain elements of Trump's current trade policy, particularly highlighting the damages caused to the stock market by uncertainty about tariffs.
Cramer recently proposed in a column by CNBC Investing Club members that tariffs could be more effective when applied in a targeted, strategic way, rather than widely imposed.
More reflecting during the CNBC segment on Thursday, Kramer recognized his personal gains from globalization, noting his past experience with Goldman Sachs and his attention as a hedge fund manager before moving into financial media.
“I'm a big winner from then,” he admitted.
Despite these personal benefits, Cramer emphasized that globalization contributes significantly to the erosion of manufacturing employment across the United States.
“We prefer cheap things in this country, but at some point we destroyed a small town, and that's what I'm paying attention to,” he explained.
Following on-air commentary, Cramer further expanded his stance via a post on social media platform X, providing additional context as to why he holds such a strong view on free trade agreements.
“Free trade wiped out my father's business…it was not easily forgotten, and I was looking at the day before President Trump's views,” Cramer wrote in his X account.
