Mad Money w/ Jim Cramer 3/11/25
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Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. My friends, you know me. I'm just trying to make a little money. My job is not just to entertain, educate, put it in perspective. Call me 1-800-743-777-2700. I've got a good sign today. The beaten down tech stocks rallied and rallied hard at one point after a lot of time lost in the wilderness. While the recession-proof stocks, well, they finally got clubbed.

And you can see the averages were rebounded in the afternoon before pulling back again near the close. Dow, home of many defensive stocks, finishing off 478 points. S&P declining 0.75%. But the Nasdaq, where tech lives, losing only 0.18%. Although at one point in the afternoon, we had a wicked rally going before faltering into the bell. I like the Nasdaq rally, even if it petered out toward the end of the session.

It came a little too early, which left time for sellers to ring the register. That's what you have to start these things a little later. But we've got a trade war going with Canada. Here's what happened. They announced a 25% tariff on electricity in our country earlier today. Immediately, President Trump announced some hard retaliation, doubling the tariffs on aluminum and steel. Take that, Canada. The steel side can be dealt with. Aluminum, I don't know. More on that later. But it's bad news. Canadians produce a huge percentage of that stuff for our airline makers, for trucks, for cars.

A 50% tariff would be very inflationary and could destroy the profits of the automakers. Then at 1.30 p.m., the Canadians suspended their electricity surcharge. At the same time, Ukraine said it was willing to have a 30-day truce. Now, if you take a look at what happened here, all of a sudden, boom, the market flew up like a spring-loaded cannon.

It's like this. Everyone was just thinking this thing's going down here, okay? But no, it went back. Opportunist investors did take profits right here. But as you can see, we had a nice rally. At one point, this is up 1%. That was super. Who thought that could happen? Of course, there's no predicting that President Trump will roll back the extra steel and aluminum tariffs. Sounds like he's considering it. The uncertainly worried people and many, many people were so happy to rid themselves of stocks like NVIDIA or Apple.

The latter now engaged in a real hideous rollover, even if NVIDIA was able to bounce for a disappointing close. But you can see, just for a second, when the Canadians got constructive, that this market truly does want to go higher.

When the turn came, it came to the technology stocks, not the safety stocks, because they're the most beaten down. Consider, let's just use this. This is almost a trillion dollar company, Broadcom. The semiconductor company, it's on the verge of being right there. And like, you know, Maggie, whatever you want to call it, reported an amazing quarter just last Thursday. Yet its stock had barely gotten any credit. Came back hard today, rally as much as 10 points and then giving back five. But that's still a very good sign.

Of course, no matter what, this market is about tariffs. Canada's suspension of its electricity tariff, that changed everything for the better. That's what made things work in the afternoon. So let's talk about stock prices in the White House. Now, this weekend, the president said he's not focused on the stock market. Maybe if you're in power, you're not up for reelection, the stock market could be ignored. That's just one problem. This is what the president's forgetting. The stock market serves a dual role. Yes, it makes rich people richer, no doubt, at least when it's going up.

But when it goes down, it can also be a signal, a signal that things aren't well in the economy, that business could be getting tougher and that layoffs could be on the table. Now, big picture, I mostly agree with Preston's attitude toward trade, even if I disagree with the details and certainly don't like the angry way he's handling it.

For years, many countries have feasted off our nation's economy. It's been a raw deal for a lot of towns across our country. As factories shutter, people get thrown out of work. President Trump ran on fixing that, among other issues. One of the best examples is what happened to aluminum in our country. We used to have a lot of smelters here, but roughly half of our aluminum is now imported. The vast majority come from Canada. We've been closing smelters for years in this country. Canada's been making up a lot of that at closed capacity. But Canada does rip us off on so many different things.

When it comes to international trade, nobody's hands are clean. It's just that the White House hasn't bothered to explain it. That's why it feels like Trump's beating up on the Canadians for doing nothing other than supplying us with cheap aluminum that doesn't pollute our communities.

Still, if the White House bothered to explain, rather than just being angry, I think most people would understand why the president's going after Canada. Of course, the details matter, too. A 50% tariff on Canadian aluminum doesn't work because there's no new source to replace it. Wherever we get aluminum, it's going to be a lot more expensive, raising the price of cars and trucks dramatically, really hurting GM's profits, stealing Ford's, too. I don't think it's a mistake to say that the auto companies are in real trouble with a 50% tariff on Canadian steel and aluminum. You certainly can't own their stocks.

Now, let's talk about what's happening in the real world because of the president's tumultuous approach to trade.

These tariffs are beginning to scare people, regular people, you, me. And that's what the stock market has been saying before the Canadians blinked. We momentarily avoided a real trade war. We're still seeing a pronounced decline in small business optimism. It's a cliche. Small business, backbone of the economy. Big business is always trying to trim costs. Small business hires. We're starting to see large shortfalls, many different industries. Delta, great airline, but it's going to miss the numbers big. Same with America. We got a real ugly read about the state of telecommunications today from Verizon. Stock fell 6.5%, three points. Wow.

Wow. We're hearing disconcerting things from retail. Dick's Sporting was a terrific company, reported excellent numbers. But its CEO, Lauren Hobart, gave a very downbeat forecast. Why? Well, here's what she had to say. We are not seeing a weaker consumer now. We're coming off fantastic Q4. Our guidance reflects that there's so much uncertainty in the world today in geopolitical environment, macroeconomic environment. We are just being appropriately cautious. End quote. That's fantastic.

We're talking about sports. Now you consider the case of Kohl's, a former jewel of a chain that's fallen on hard times, cutting its dividend today from 50 cents to 12.5 cents. Not good. Kohl's is still making some money, but they're forecasting a huge reduction in earnings, 10 to 60 cents versus $1.24 the analysts were expecting. More important, they see same-store sales down 4% to 6% when the analysts were expecting only to be down 1%. Ouch, that's very bad. Now, we're not a manufacturing economy.

We're a service economy. That's why it stings when you see these retailers, telcos and airlines linking the negativity of their customers to political actions emanating, yes, from the White House. I don't want to be a complainer. I like to be constructive. We want more good factory jobs to replace the ones that have been lost over the years. The president's been terrific at getting commitments from foreign companies to build factories here. But modern day factories, they go into them. They don't employ a lot of people.

The issue is that, again, we're a service. Most of our business is service. And that economy is starting to roll over because consumer confidence is declining as people worry about impact of these tariffs. They don't understand them. Sure, we have plenty of room for layoffs, so to speak, because we have very low unemployment. But the stock market is saying the tariffs will be inflationary, and the White House hasn't explained to the American people why it's worth it.

We also have plenty of room to reverse the mood, though, to make people less worried, to stop the decline of retail, which is a heck of a lot bigger than manufacturing. We can stop the increase in price of cars and homes. We can lower interest rates and oil prices. All good. But the stock market is beginning to say to President Trump, look, it's just not worth it.

Even if you want to bring back jobs to America, manufacturing jobs, there's a way to do this without causing collapse in consumer confidence in the service economy. Bottom line, right now the stock market is saying that President Trump needs to change course on how he tries to implement the tariffs. It's screaming that we have the wrong approach, and the president should not ignore that scream because that's how you end up in a recession. Let's take calls. Let's go to Robert in New York. Robert.

Hey, Jim, first of all, I want to thank you on warning us about this downturn weeks ago. You came on the television and said the tariffs come in. We're going to have problems. OK, thank you. Yeah, I mean, I didn't want it. I didn't want it. But yes, thank you for recognizing I did that.

You saved us money, Jim, and you also said clarity, clarity on these tariffs. And tonight, Peter Navarro was on overtime tonight and gave us a little clarity. But what Donald Trump should do. Well, I've been talking to Peter, you know, and I want Peter just be a little more. Look, I've known Peter for 50 years and there's a way to be able to talk about this without anger, without rancor, with a smile. Witness the eight years of Ronald Reagan where he accomplished a lot of things with Democrats because he had a congenial attitude.

Yeah, President Trump should create the Department of Stock Efficiency dose and he should put you in charge of it. I'll take the job. The great thing is I don't sleep. So I do that job in the daytime and then I do the job in the nighttime. What stock? What stock are we talking about? OK, Jim, this next talk has a 32 percent upside potential based on the analyst average price target of 145.

There's been some good insider buying, but I'm a little bit worried because now that the tariffs are in place, I think the home builders could be affected. But I do believe that this company is a very strong company, tall brothers. Okay, so listen to me and listen good. It's Doug Yearley. And you know Doug, he's the bomb. And what I really care about here is they raised the dividend and-

This is the big fly in the ointment. If President Trump goes after the lumber industry in Canada, then they have to raise the price of homes. You've got to hope that the president does not go after lumber, even though that's an area where you could easily take down the Canadians. That would make me want to sell toll. I otherwise want to buy it. I want to go to Howard and my home state of Pennsylvania, Howard.

Jim, I've been a longtime investor in Starbucks, and their new CEO seems to be making the right moves. However, the stock's down about 13% from its highs this year. Since coffee appears to be a discretionary item, and considering Starbucks' second-largest investment is in China,

and the potential tariff problems between the U.S. and China. Should Starbucks be held, sold, or bought in today? No, you want to own Starbucks. Brian Nichols, terrific. The stock was up. It shot up to 115. That was a big move. It was a parabolic move. It's coming back down. It's more controlled. I think Brian's going to do terrific. I'm getting my coffee in four minutes. I don't know about you. I think he's instituting the right policies.

I think he really knows what he's doing. All right, listen to me, guys. Right now, the market is trying to tell President Trump that he shouldn't be so rancorous and angry. Just try to get the job done sotto voce under the, you know, just fly lower, please. And if he keeps ignoring that message, we could end up a hell of a lot lower than where we are with stocks and with the economy. I'll make money tight. Could it be go equal be a golden opportunity?

Opportunity for growth in this market turmoil. I'm getting the latest from the miners' top press. They know what they're doing. And as tariffs continue to impact the tape, I'm going to be turning to technicals to get a better read. And later, I'm revealing what I think could be a winner in the AI space. And believe me, there are some still things that could be winners in the AI space. Don't give up. Genitive AI. Stay with Kramer.

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What's among all the headlines recently is the fact that the price of gold has been creeping back up toward the all-time highs, the ones that were just set a few weeks ago. And that's great news for the gold miners, particularly Agnico Eagle, which shot up to a new all-time high earlier today. Now, this is one of the best operators in the industry. We're going to talk about that with, hey, look, look.

with a lot of speculation about the impact tariffs will have on precious metal. Well, we're going to be able to go right to the source and see what's one of the biggest names in the business has to say, because frankly, I don't understand the interaction between gold and the tariffs. That's all right. Let's check in with Amar Al-Jundi, and he is the president and CEO of Agnico Eagle Mines. Mr. Al-Jundi, welcome back to Mad Money.

Jim, it's a pleasure to see you again. Always a pleasure. Absolutely. Now, first of all, congratulations. These numbers are extraordinary. Your costs are totally in control. The numbers that you're producing, the cash flow that you have, all excellent. How are you able to do all this?

Well, you know, it's very simple, Jim, in our business. If the gold price shoots up $600 last year and if we deliver record production, which we did, and we control our costs, then all of that incremental cash goes to our shareholders.

Record cash flow, record earnings equals record share price. Well, I think you said very simple. And I've interviewed enough gold executives to know that it's actually not that simple, that many costs get out of control. So many times, sir, I have been in love with a gold company and then the cost got so bad or something went wrong that they ended up not making that much money. Your operating margin is extraordinary, far better than all the other companies I deal with.

Well, right now we're guiding about $940 cash cost. And take a look at the gold price. That's almost $2,000 cash margin per ounce. That is extraordinary. I would agree with that. And, you know, Jim, it's a tough business. You've been around a long time and you know a lot of my peers. We've been able to do a good job controlling our costs today.

You know, we take a different approach. We're more of a regionally focused company. And frankly, you know, when you've been operating in the same place for almost 70 years, when you produce more gold in Canada than everybody else combined, you're able to control costs a little bit. That's incredible because Canada is the home of, I think, the safest place to be able to mine. Now, I do want to know, you're in Canada, you're in Mexico.

What's your ballpark? I mean, I know, look, Jamie Porter said some good things about what the tariff might be and what they mean. The CFO won a conference call. But I'm still trying to get my arms around, like, what do you do if you're selling it into America from Mexico or Canada? And what does it do to hurt your profits? Well, the best way to think about gold, Jim, is imagine not that we're mining gold. Imagine that we're mining a currency.

So our gold goes to refiners all over the world, and it gets distributed all over the world, and it's the same price everywhere in the world. It's almost like we're mining U.S. dollars.

So we have no tariff exposure on the revenue side. We have a little bit of tariff exposure on the cost side. But if you take a look at our business, Jim, 60% of our costs are labor, electricity, diesel in Canada. I'm using Canada as an example because that's where most of our production is.

None of those are subject to tariff influences. I get it. I get it. The other 40 percent is a little bit sensitive, but not much. Oh, thank you for saying that. Now, I do want to talk about something very controversial.

Those of us who have believed in gold for many, many years and are so thrilled by the way that Costco has it, although they run out of it every morning, but we still try, are looking at Bitcoin and looking at gold. And Bitcoin did explode. And we're willing to have a strategic reserve of Bitcoin. But we never did one for gold past Fort Knox. And I'm trying to figure out what you're thinking about just in terms of when you talk to, let's say, the wealthier people. Do they want gold more than Bitcoin now, given the fact that gold's had quite a run and Bitcoin's toppy?

Yeah, I mean, the people I talk to are usually very sophisticated and they view the two somewhat different. They view gold as a hard asset, as a currency, and as demonstrated by the fact that central banks around the world are buying gold. In fact, they're the ones buying the most gold. That's not a knock on Bitcoin. Bitcoin's fine. But Bitcoin's not.

But Bitcoin is almost more like a trade. You know, I don't know what a Babe Ruth baseball card is worth. It might be worth a million dollars to you. It might be worth 10 cents to someone else. But it's a bit of a different animal. You're right. I mean, one of the things that I've struggled with, and so does Chairman Jay Powell, is that it's a store of value for some people and for other people. It's a trade. Whereas everyone knows that gold is a store of value.

Have you discovered more and more people wanting to have gold personally, putting it in different banks, in different parts of the world, because the world's so uncertain? I keep hearing that from my friends, from the people I talk to, CEOs. They want it distributed around the world. They don't want it in any one place. They want it in different banks. Any feel about that?

Well, let me give you the scariest example I can. And that is there is actual discussion now about forcing foreign holders of U.S. treasuries to convert into 100-year low-coupon bonds. I tell you, if that ever happens, it will be disastrous, but very good for gold, because then everybody...

will have to go into a currency like gold. Absolutely. Look, the one thing we never want is what Franklin Roosevelt did that people forget in 1932 when he confiscated all the gold. We can't have anything that has to do with our personal savings of gold be anything other than it's ours.

And they can't tax it. And we put it in a safety deposit box. Not on the ground and not on the mattress. You know that. We put it in a safety deposit box. And then we live to play again. That's Amar Junity, which is the president-chair of Agico Eagles Mine, which is the best gold miner in the world. Thank you for coming on the show.

Thank you, Jim. My pleasure as always. Mad Money's back, everybody. Coming up, after another volatile day for the averages, it's time to get historical, not hysterical. Huddle up, Kramerica. Kramer circling back to the technicals and revealing how to position your portfolio. Next. Next.

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Indeed.com slash mad money. Terms and conditions apply. Hiring? Indeed is all you need. After another day where the average has oscillated wildly on new developments from President Trump's trade war, this time he was talking about a 50% tariff on Canadian steel and aluminum before White House officials later kind of walked the plans back. Eh,

Somewhat. We have to ask ourselves how much longer the Walmart White House, which brings us every day lower prices for stocks, can keep this up. But as I keep telling you, very hard to predict. President loves to roll out big new tariffs, then roll them back a bit or postpone them only to find something else to slap an import duty on. So it's tough to get your arms around what we're dealing with here. Right. It's fluid. However, I think a big part of the recent sell off is that Wall Street feels betrayed.

See, the big money guys thought that they were getting a president who cares about the stock market. Now he says he doesn't care about the stock market, and that makes them very nervous. They thought they had elected McKinley. Looks like they got William Jennings Bryant. So the moneymen, well, they got a severe case of whiplash. In volatile markets like this, you know what we have to do? We have to go. We've got to get a read of the fundamentals. I say maybe we ought to fall back on the technicians and the technicals, the charts, because it takes your subjective judgment out of the equation. Certainly not you.

We've got to get the emotions out of this thing. It's really wild. And that's why we're going off the charts with the help of Jessica Inskip. She's the first woman on the active trader desk at Fidelity. She's now director of investor research at Stockbrokers.com. She's a co-host of a podcast, and it's called Market Maker. As Inskip sees it, this market has become real ugly, but she's not sweating the trade war.

See, in her view, we've seen this movie before during Trump's first term. Take a look at this chart of the action, the S.P. 500 from January 2018, when Trump's first trade war kicked off through the end of his term. Now, if you put one thousand dollars, that's there. You put one thousand dollars in the S.P. at the beginning of the trade war with China in 2018 and then you held it through January of 2021. Well, guess what?

you would have had $1,841 and an 84% gain in three years. I'm calling that pretty darn good. At various points in 2018, the S&P 500 had substantial drawdowns, including a major pullback in the fourth quarter of that year.

When COVID hit in 2020, there was another huge pullback in which the market lost about a third of its value. The ideal moment to buy at the start of the first trade war in 2018 was about three months in when the market had been obliterated and Wall Street was ready to throw in the towel. Sound familiar? So even if you think that this is an insane policy,

And a lot of people do. Even if you're convinced we're headed for a recession, a lot of people are. That's still not a reason to give up on the entire asset class. If you just bought an S&P 500 index fund in early 2018 and sat on your hands for the next three years, hey, come on, you would have made it like a bandit. Granted that you would have done even better if you waited a few months for the average to come down. Timing's real hard. Even if you bought it the worst time, you still made plenty of money if you kept it.

Now, let's go through the recent action here, starting with this weekly chart of the S&P 500. In this person's opinion, it's a pretty ugly chart. No kidding. You probably think it's ugly, too.

She likes to track the 13-week, the 26-week, see these, and the 40-week moving averages that translate into one, two, and three quarters. And right now, all these key moving averages are sloping downward, meaning we've got a real strong bearish trading cycle. And this guy says it's going to stay bearish until the S&P breaks out above its 40-week moving average at 5%.

at 5,769. So it's got to go up here. That's up nearly 200 points from here. All major defensive lines have been breached, and they're now acting as resistance. Worse, the downturn, downward momentum is pretty extreme. Okay, now how about the daily chart of the S&P 500?

Oh, man, this one is even uglier, okay? Look at this thing. I mean, come on. Inska points out that the S&P has fallen through the bullish cup and handle formation that gave us such a positive backdrop going into the election and led to the big post-election rally. All these games have been erased. The key resistance level is up almost 100 points from here. That's it.

Now, we've nearly pulled back the levels last seen in August of last year when everyone was worried about a recession because inflation wouldn't go away, meaning the Fed had no reason to cut its interest rates. Then we got a cooler than expected inflation meeting and the market bounced right back. I think it's important to remember that good things can still happen. The Fed could turn things around with rate cuts or the Trump administration could turn things around, taking a more methodical approach to the trade wars. Remember, I'm in favor of tariffs. I just want to be methodical. Of course, if we get an excessively hot inflation meeting,

nightmare now let's talk about the s p equal weighted okay equal weight chart which is all the same stocks as the sp 500 but rather than weighing them by market cap these are all way the same now we like this one because it lets us see what the market would look like without the influence of the mega cap tech stocks notice we don't use the term uh magnificent seven anymore because they're not magnificent sure enough the s p equal weighting is a lot less followed in the sp 500 but you know what it's still pretty ugly

InSkip notes that we've got a bearish trading cycle here, too, with the 13, 26, and 40-week moving averages. Remember, those are up there. They're going in the wrong direction. However, this index has been coming down with a lot less momentum than the normal S&P 500. If the S&P equal weight keeps breaking down and falls below 6.691, InSkip says we risk a bearish cycle emerging. That level, down about 350 points from here, needs to be maintained. On the other hand, the S&P equal weight can actually finish the week above.

Above the 40, OK, so you've got to be above. She'd find that somewhat encouraging. Finally, let's take a look at tech. It's represented by the XLK. All right. This is a spider fund that, oh, man, I can't even look at it, frankly. She says that a strong bearish momentum and that it might be putting at, well, strong bearish. I mean, this is the definition of bearish. The S&P Tech ETF has a floor support at 205.

Down $3 and change from here, which represents the trend high from back in March of last year. The higher low in May and the gap up in August. She says this is a tested and key level. But if it fails to hold, the XOK could then drop to $190. If tech keeps coming down, she's expecting the 200-day moving average to come down to the $190 level. And when that happens, we might have a true bottom on our hands. But she's definitely not willing to call a bottom right now. I'm not getting any positive vibes from this stuff. Let me get a bottom line here.

The charts interpreted by Jessica Inskeep do not paint a pretty picture at all. It's not sugarcoat. However, she also points out that if you bought stocks the last time President Trump started a trade war and Wall Street flipped out, you had a huge gain by the time he left office. Maybe that's the best takeaway. And if you bought during the trade war lows, then you made out fabulously. Now, I don't think we're anywhere near there yet, but I also think we're getting closer. I want to take some calls on this discouraging day. Although certainly less discouraging than yesterday. Let's start with David in Texas. David.

Hello, Mr. Kramer. I'm a first-time caller but longtime follower all the way back to the dot-com bubble. Oh, my. Then you really are with me the whole way, and I really appreciate that. I love long-termers. How can I help?

Well, a year or so back, you had the CEO of this company on the show and invented this stock in the 30s, I believe. It's been a good one. Stock recently hit a high, a little over 500 a share. With the recent market pullback, it's fallen into the 250s a share. Mr. Kramer, how do you feel today about stock symbol APP, app loving? Thank you. This is one of the greatest momentum stocks of all time, and they deliver huge cash flow at the end of the year. I

I think the stock can bounce, but I'm not going to go out there and be real bullish. Any stock that can be cut in half that quickly is not a stock I want our people in. And I thank you for your support, but I don't like stocks that can be cut in half like that. Let's go to Joel in New Jersey. Joel. Hi, Jim. Joel from New Jersey here. Berkshire Hathaway is near all-time highs. With tariffs in play, do you still see it as a good value buy? I'll tell you the truth. I'm not even going to spend a second on it. That's how much I like it.

And by the way, it passed Tesla. That's one of the reasons why I've said that I banned that particular term that involves Steve McQueen and Neil Brenner. I won't say it on the show because Berkshire snuck up their pad and a couple others have snuck past Tesla. So how can you have seven stocks if one of them is the 10th? This is a terrific stock. And the last quarter, I read the quarterly report. It's just it's smoking. Just don't.

Just doing it. Why don't we go to Ryan in MI, which I guess is Missouri? Is that Minnesota? Whatever. Michigan? Hey, MI, man. I forgot. It's been so long. Michigan. Go ahead. I'm sorry, Ryan. What's up? Hey, what's up, Jim? I don't know. I thought that we had a positive day going, tell you, Ryan. And then there's just too many people who are nervous. Too many people are worried. How can I help you? Oh, yeah. I thought the day was pretty good, too. I was curious about Netflix.

Oh, don't be curious. It's terrific. It's subscription revenue. I'm going out three. I'm going to give you one in threes. Netflix has a subscription, Amazon has a subscription, and Spotify has a subscription. And subscriptions are one of the great... Having started a subscription business and had modicum success, I can tell you there's nothing like a subscription for just the day-to-day cash flow. You should own Netflix. They've done a very good job. I thought that the De Niro thing was good. It was done by Noah Afflein. He used to work with us. I don't know. Whatever. People get the...

I like Netflix. Anyway, look, if you bought stocks the last time we had a trade war under Trump, guess what? You did really well. You just had to hold it. Charge don't paint a rosy picture for the market right now, though. And I do think we're closer to the end than the beginning. That's my own judgment. I'm not thrilled with what's happening. Much more mad money ahead as the market volatility continues. I'm leaving those to an attorney.

I'm revealing a buying opportunity in one of the hardest-hit sectors, the AI infrastructure space, which everybody hates. And after today's tariff news, I'm doing a deep dive into the potential cost sector effect of these headlines. And, of course, earlier calls, Robert Clark, tonight's edition of The Lightning Round. So stay with me. It is time. It's time for The Lightning Round. I'm your host, Robert Clark. I'm your host, Robert Clark.

And then the lightning round is over. Are you ready? Time for the lightning round, Cramers, man. I want to start with Jake in New York. Jake. What's up, Jim? How you doing? I'm doing fine, Jake. What's up with you, buddy?

I'm okay. I would like to shout out your crew, though. Great crew. The crew is unbelievable. They make me look good. And I'm grumpy and they're not. Let's talk. So I feel like everybody's a little excited about, you know, tariffs. And we, like, you know, we make plastic stuff in China for, like, pennies. And we sell them in the U.S. for, like, tens of dollars. No big risk. So my question is about Crocs. Crocs.

Crocs, we got on holdings at 45, and you come to me with Crocs. Come on, man. Jake, step up to the plate. Crocs, no. On, yes. All right, now we're going to go to Mike in Connecticut. Mike.

Jim, Jim, thanks for taking my call. And I have to thank you again, you and staff. You've been so valuable throughout the years. Well, we got a good 20 years. It's like 20 years now. What's that all about? I guess when I'm 25, they'll give me a gold watch. That's okay. I got an Apple watch. What's going on? All they can say is keep on going. Hey, this stock is very cheap right now. Last year, it had a reverse split.

And usually that's a sign of weakness, but I don't think so in this case. And it also spun off from Liberty Media last year. What do you think about Sirius Radio? No, I'm going to disagree with you on this one. Plus, you know, it is related to autos and autos aren't selling well right now. And that's going to be everyone's going to know that. I just told it to you right now. Everyone's going to know that we're going to stay away from Sirius. It's just not a Sirius stock. I need to go to Stafford in California. Stafford.

Hey, Jim, how are you? All right. How about you, Stanford? I'm OK. Thanks. I want to get your thoughts on AutoZone and this type of economic. ACO. I love it. They buy back with so much stock. It's really incredible. I think those guys are fantastic. Let's go to. I don't know. How about you go in Ohio? You go. Yes, Jim. It's always a pleasure to be back on your show. Thank you very much for you doing my question is tonight. It's great. Yeah. Well,

What do you think about Timken, symbol TKR? The TKR kind? You know what? Right now, they're levered to a bunch of industries that are really slowing down. As much as I like the company very much, I'm going to have to say no to Timken TKR. Let's go to Sandy in New York. Sandy.

Thank you, Jim. This is Sandy from Syracuse, New York, the future home of potentially Micron. So I'm wondering if I should sell or hold on to my Micron shares. OK, so Micron is going to be under pressure. They took some money from the government. It's not their fault. It was the money they were giving away in the chip program. If they come after if President Trump comes after Micron,

He's coming after me. But Sandre Morota is really terrific, and he's been an amazing man who has built a manufacturing empire in our country, along with his predecessors. That's the jewel of our country. Please don't go after that one, President Trump. Let's go to Charles in New York. Charles.

Hi, Jim. I'm a big fan of your show and have been a club member since virtually the beginning. Yes, that's fantastic. Big call on Thursday. You want to be there? I'm going to take apart a couple of tech stocks. What's going on? I've been holding Degeneron for a long time now, and it's doing great. I agree with you that they're staffed by geniuses and have done fantastic things. Absolutely, absolutely.

It gets into August. Since I saw Len up there at the Saratoga racetrack, where I hit big, by the way. Thank you, Vinny, for that little tip. But I will tell you this. For Generon, I want you to own it. I think it's doing better than people realize. That is a good stock. And I'm going to give you two for I still like Crystal Mars. And that, ladies and gentlemen, is the conclusion of the Lightning Round. The Lightning Round is sponsored by Charles Schwab.

Coming up, tariff turmoil continues to roil the market. What Trump's approach could mean for your money. Next. It is time. And then the lightning round is over. Are you ready? Time for the lightning round. I want to start with Jake in New York. Jake. What's up, Jim? How you doing? I'm doing fine, Jake. What's up with you, buddy?

I'm okay. I would like to shout out your crew, though. Great crew. The crew is unbelievable. They make me look good. And I'm grumpy in their night. Let's talk. So I feel like everybody's a little excited about, you know, tariffs. And we, like, you know, we make plastic stuff in China for, like, pennies. And we sell them in the U.S. for, like, tens of dollars. No big risk. So my question is about Crocs. Crocs.

Crocs, we got on holdings at 45, and you're coming to me with Crocs. Come on, man. Jake, step up to the plate. Crocs, no. On, yes. All right, now we're going to go to Mike in Connecticut. Mike.

Jim, Jim, thanks for taking my call. And I have to thank you again, you and staff. You've been so valuable throughout the years. Well, we got a good 20 years. It's like 20 years now. What's that all about? I guess when I'm 25, they'll give me a gold watch. That's okay. I got an Apple watch. What's going on? All they can say is keep on going. Hey, this stock is very cheap right now. Last year, it had a reverse split.

And usually that's a sign of weakness, but I don't think so in this case. And it also spun off from Liberty Media last year. What do you think about Sirius Radio? No, I'm going to disagree with you on this one. Plus, you know, it is related to autos and autos aren't selling well right now. And that's going to be everyone's going to know that. I just told it to you right now. Everyone's going to know that we're going to stay away from Sirius. It's just not a Sirius stock. I need to go to Stafford in California. Stafford.

Hey, Jim, how are you? All right. How about you, Stanford? I'm OK. Thanks. I want to get your thoughts on AutoZone and this type of economic. ACO. I love it. They buy back with so much stock. It's really incredible. I think those guys are fantastic. Let's go to. I don't know. How about you go in Ohio? You go. Yes, Jim. It's always a pleasure to be back on your show. Thank you very much for you doing my question is tonight. It's great. Yeah. Well,

What do you think about Timken, symbol TKR? The TKR kind? You know what? Right now, they're livid with a bunch of industries that are really slowing down. As much as I like the company very much, I'm going to have to say no to Timken TKR. Let's go to Sandy in New York. Sandy.

Thank you, Jim. This is Sandy from Syracuse, New York, the future home of potentially Micron. So I'm wondering if I should sell or hold on to my Micron shares. Okay, so Micron is going to be under pressure. They took some money from the government. It's not their fault. It was the money they were giving away in the chip program. If they come after, if President Trump comes after Micron,

He's coming after me. But Sandre Morota is really terrific, and he's been an amazing man who has built a manufacturing empire in our country, along with his predecessors. That's the jewel of our country. Please don't go after that one, President Trump. Let's go to Charles in New York. Charles.

Hi, Jim. I'm a big fan of your show and have been a club member since virtually the beginning. Yes, that's fantastic. Big call on Thursday. You want to be there. I'm going to take apart a couple of tech stocks. What's going on? I've been holding the Generon for a long time now, and it's doing great. I agree with you that the staff are geniuses and have done fantastic things. Absolutely. Absolutely.

It gets since August. Since I saw Len up there at the Saratoga racetrack, where I hit big, by the way. Thank you, Vinny, for that little tip. But I will tell you this. For Generon, I want you to own it. I think it's doing better than people realize. That is a good stock, and I'm going to give you two for it. I still like Crystal Mars. And that, ladies and gentlemen, is the conclusion of the Lightning Round. The Lightning Round is sponsored by Charles Schwab.

Coming up, tariff turmoil continues to roil the market. What Trump's approach could mean for your money. Next. Tomorrow, kick off the trading day with Squawk on the Street.

Live from Post 9 at the NYSE. Look, we look back at the 1980s as being a halcyon period in retrospect. Reagan did it with a happy warrior smile. I don't see any smile here. I see meanness. America don't like meanness. That's not our country. Meanness. We're not meanness. She's a bit more like Steve McQueen. It all starts at 9 a.m. Eastern.

When it comes to tariffs, there are two ways to do it. You can burn the forest down or you can do a controlled burn. Right now with Canada, we're opting to burn the forest down. Let's go over this. I think Trump's heart is in the right place on this issue. Our alleged trading partners are absolutely taking advantage of us. America is the only country that plays by the rules on trade. We love getting cheap stuff, even if it devastates entire industries here. But President Trump needs to explain his reasoning and he needs to roll the tariffs out in a systematic, non-capricious way.

If he did this methodically, if he spoke softly and carried a big stick, I think he'd get a lot done. That's the controlled brush fire that shows we can handle things, not personal, just business. Instead, we're using flamethrowers and high explosives, and they aren't working. It's telling that the greatest success President Trump has had so far is with Mexico, because it's been quiet and forceful. Trump spoke softly but carried a big stick with Mexico, like Theodore Roosevelt. Well done. I understand that Trump felt trapped by Mark Carney, the Canadian prime minister designated, who came in way too high.

And very unlike himself, actually. I get it. The Canadians were hopping mad. Carney poked the bear with his rhetoric. Sure, Trump shouldn't be calling Canada the 51st day. Gotta stop that, too. But he's got the cards. He can get away with it. Problem is, when it comes to Canadian aluminum, we don't have the cards. Because we've been steadily closing aluminum smelters for years for a multitude of reasons. Expensive, dirty, crummy management. Right.

Reuters reports that the vast majority of our imported aluminum comes from, yes, Canada. A 3.2 million tons, Canadian imports were twice those of the next nine countries combined. There's no way to make up for that, which means if this 50% tariff gets implemented, it's going to get passed on to you. Cars, trucks, planes will all get more expensive because we have no choice. We can't get enough aluminum from anywhere else. It doesn't work. So prices must go up for the vehicles of every major auto company, including the one you buy.

And how can the Hubble Boeing, which builds planes mostly out of aluminum, handle it? I have no idea. 70 to 80 percent of their planes are aluminum based.

I don't think any execs involved can say anything. Oh, come on, they'd all be eviscerated by Trump if they do it. And they know it. Believe me, I know it. Plus, if Canada doesn't play ball, you have to assume the president will go after their lumber industry. Almost 30% of our lumber comes from Canada. That will make our housing totally prohibitive. It would cause a real recession quickly, I think. Look, we don't have any choice with lumber. Unfortunately, these trees, they just don't grow fast. Back to life. Very inflationary. Where's the artificial intelligence in trees?

These auto and aerospace companies are gigantic employers, the last bastion of high-paying union-based factory jobs that Trump says he likes. They are the base, so to speak. I don't know how we're going to deal with this without laying off the base. Bad for Trump. He should recognize it. Look, I wish it were as simple as reopening old aluminum foundries. We can make up the difference on the steel tariffs because we have spare capacity when it comes to aluminum.

Canadians, they got a corner. Trump doesn't realize that the stock market is in some idle abstraction. It's a barometer of how the country's doing. It's a barometer of how people are feeling. The numbers, according to The Washington Post, indicate the vast majority of people in this country have no idea why this is happening. They know it's worrisome, worrisome for them, and they're spending much less than they did even two months ago.

Some remember that they were taught in school that tariffs were bad. Others know that their jobs are in jeopardy if consumer sentiment turns very negative because it's a service economy. They don't want to lose their jobs because of tariffs on Canada. They thought Canada was OK. That's what happens when you cause a forest fire instead of a controlled brush fire. Unless the president's less impressed with William McKinley and more impressed with his successor, Theodore Roosevelt, it won't just be a forest he burns. He'll end up burning down the whole village in order to save it.

I like to say there's always a bull market somewhere. I promise you I'll find it just for you right here on MadMoney. I'm Jim Cramer. See you tomorrow.

You should not treat any opinion expressed by Jim Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Cramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money Disclaimer, please visit cnbc.com forward slash madmoneydisclaimer.

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