'Thank heavens [Fed Chair] Jay Powell's got our back, because the president's too busy stabbing his own Treasury Secretary in the back ...' Jim Cramer says.
host said, causing the Dow Jones Industrial Average to fall more than 23 points and both the S&P 500 and Nasdaq Composite to tumble about 0.25%.
The market would have finished much lower during the session if it weren't for optimism that the Federal Reserve will cut interest rates on Wednesday, he said. "If the trade war with China escalates again, we're going to need these rate cuts," Cramer said. "Taunting does not a trade policy make. But it sure does sound like we're about to get another round of tariffs."
The U.S. has been engaged in a trade war with China since last year and both countries have imposed duties on billions of dollars worth of goods.
"Believe me ... I am very sympathetic to the president's arguments on China: I'm in favor. He's not wrong," Cramer said. "But just because something is true, that doesn't mean you should tweet it to the entire world. I found the timing terrible."
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