President Donald Trump has made it very clear that U.S. companies who do business with China will be impacted by his tariffs, CNBC’s Jim Cramer said Tuesday.
“I think the president is saying, ‘Hey, listen guys, you are not going to make as much money in China as you used to. That game is over,'” Cramer told “Squawk on the Street.”
The trade conflict between the world’s two largest economies heightened Monday evening after the Trump administration announced it will impose 10 percent tariffs on another $200 billion worth of Chinese imports.
Those duties will rise to 25 percent at the end of the year.
“The president is not sensitive to the companies that make a lot of money in China from our country,” Cramer said. “They are the ones that we sacrificed.”
The Apple Watch and various other consumer gadgets are being exempted from this newest round.
However, some Apple products will still be affected.
Meanwhile, Macy’s CEO Jeffrey Gennette on Monday night said at Recode’s Code Conference that tariffs will start to effect Macy’s and other department stores more significantly than other businesses.
That’s because of their impact on apparel, he told CNBC’s Courtney Reagan on the stage, adding Macy’s is taking a variety of steps to address that issue.
