CNBC’s Jim Cramer on Thursday gave investors his read on what steep tariffs on China mean for the U.S. economy.
CNBC’s Jim Cramer on Thursday told investors that President Donald Trump’s new duty on China is so steep it’s “more of an embargo”, saying most businesses won’t pay for such a markup.
“As much as I sympathize with what President Trump is trying to do here — and I do — we simply aren’t ready yet for this”, he said. “As a nation, shamefully, we’ve gotten addicted to cheap Chinese imports.”
Stocks plummeted during Thursday’s session as investors’ trade anxiety returned, with many reeling after the White House revealed the cumulative tariff rate on Chinese imports effectively stands at 145%.
