Jim Cramer, the host of CNBC’s Mad Money, has shared his backing of US President Donald Trump’s Tariff plan. Speaking on CNBC’s Squawk on the Street program, Cramer said, “I am pro-tariff, absolutely. I hate free trade…”
The CNBC analyst went on to add, “I think it’s been an embarrassment for our country. It’s cost us fortunes. Everybody picks on us. There’s just no end to it.” Trump has announced several tariffs to be imposed on foreign countries, including Mexico, Canada, and China. Most recently, Trump imposed 25% tariffs on all imported vehicles and foreign-made auto parts. Next week, he is also expected to introduce additional tariffs, labeled as “reciprocal tariffs,” which are expected to be somewhat milder than previously anticipated.
Cramer has long voiced skepticism about free trade, openly supporting Trump’s earlier tariff policies. In late 2019, Cramer said, “If we’re going to trade jobs for cheap stuff, at the very least, we should get a good exchange rate.”
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Furthermore, the scope of White House tariffs remains quite significant despite the scaling back. A Bloomberg study shows that President Trump’s implemented or threatened tariffs have affected at least $1.8 trillion in global trade so far, including those 25% duties on worldwide steel and aluminum. The economic impact of these tariffs is pretty substantial. Bloomberg Economics is forecasting a reduction in U.S. GDP by up to 0.7% while also increasing inflation by about 0.4%, despite all the claims that tariffs are designed to address trade imbalances.
More tariffs are expected to come on April 2nd, being promoted as “Liberation Day” among Trump and WH officials. For the latest automotive tariffs, collection of said tariffs will begin April 3. Trump says they would be “permanent,” asserting that the U.S. could end up collecting as much as $100 billion from tariff revenues.