We're feeling good. Look, I frankly thought in some ways it could be worse in the markets because this is a big transition.

You saw the president said earlier today it's like a patient who was very sick.

We did the operation and now it's time to make the patient better. And that's exactly what we're doing.

All right, this is Jim Cramer from CNBC's Mad Money, who has never been a free trader, right?

So he's not just out here to go against them. He's saying the White House doesn't seem to understand what it's trying to do and that the reciprocal tariffs are not reciprocal and could do tremendous damage.

So out front now, Jim Cramer of CNBC's Mad Money and Squawk on the street, all on CNBC.

That incredible network that I will love to the day I die.

Just so great to be here with you, Erin.

I'm so thrilled that we're able to talk. OK, so what the heck is going on?

Well, I'm let down because I yes, I'm not a free trader.

I'm a fair trader. Always have been from the days when I when you work with me at CNBC.

And what I was hoping was that a coordinated thing where if you are charging us 20 percent, we charge you 20 instead of a car where we're only making you pay two and a half and you're not letting us in.

We try to get things better, but it's on a specific thing.

You go if they're 10 on a car, you go 10 on a car.

But I went deep on the numbers today and the numbers did not make any sense.

And I was actually you did you make it. I was doing like bananas in Vietnam.

You did Cramerica. What did I just said?

You know, it's one of these things where if I'm doing 100 billion and I'm I'm let you're letting me do 10 billion and I'm letting you do 100 billion.

There was a way to be able to make it work with the numbers that they did.

And they had this ridiculous I mean, I was that was the chart that they had with the with the mathematical equation.

I mean, are you kidding me? How about just like like an Einstein?

I know. How about the fact that it was just wrong?

And what bothered me was that they really did over and over again.

The president said, listen, it's going to be reciprocal. So you do it.

We do it. And that was going to be so good.

And I really believed in it. And I feel like a sucker tonight because I am not a free trader and I do not believe in free trade.

And I was just as tough, if not tougher than his people.

But they screwed it up and they really made they did it a totally ill-advised way.

And I was very let down as someone who really, truly believes the free trade is awful for the American working person.

This is what they came up with. Jeez, come on, have some gumption, have some math.

I mean, so how in the world do they do that after all of this?

No, Jerome, they assured us over and over again that they were going to do the thing that would make it so that the tariffs would come down and the countries would would that were bad actors would change their their ways.

And then so then Israel decides to get rid of tariff.

And they tariffed them anyway.

Vietnam decides to cut their tariff and they still got the highest tariff.

It was it was such a shame because they missed the opportunity and now they have to pay the price.

And it's funny, too, because none of this stock market, none of this had to happen.

And I feel bad because a lot of people lose money when this happens.

I hope people just be calm, be constructive.

But the way that they handled it was so bushy that I was surprised.

President Trump has people who around him know these things.

And what can you explain?

So why when you hear optimal Scott Besson, he is a smart guy.

He's very smart. He is a smart, thoughtful, respected person.

And and he came out and defended these.

Well, I think when you put people like that, they know he knows.

Yeah, I tried to think like that because Peter Navarro is someone I've known for three for five decades.

And I was hoping that Peter might talk with a lot, really understood because he understood he taught me these things.

And I know he knows what reciprocal tariff really is.

And and he didn't deliver on that.

And that was that was a shame because there was such a great opportunity to course correct and make it.

So all these people who have taken advantage of our country repeatedly and wiped out all the jobs in small towns, wiped out my father's job.

This is one of the reasons why I've always been always felt like this.

It's ridiculous how badly we've been taken advantage of.

And I thought they were going to do something.

And what they do, they created the damn stock market and gave us nothing.

Well, I just want to emphasize again, I think it's so important to emphasize where you're coming from, because there are some who will come out and say, well, you know, free trade, free trade.

You know, Larry Kudlow, your old friend.

We always had a flashpoint with me.

Right. Was was about free trade. And they'll make the economic argument for it.

And you're not actually coming from that.

Not at all.

But you're not you're not ideologically opposed to the concept of what they were trying to do.

Not at all. But they didn't do it.

They made a bargain with the devil.

They decided to get rid of the American working persons.

Good job with a good pension and sacrifices so we could get cheap goods.

And it never they never thought for a minute the Republicans or Democrats.

What would happen to those towns and those people? And they were left behind.

And I always felt that was horrendous.

A president comes along that's going to do something about it.

And this is what he does.

You know, you know, part of the reason and you and I are friends for a long, long time.

But many people know our relationship for this one moment.

Not this moment, but a moment.

Decades of just of my so fortunate to be friends with you and your family.

And you. But there was this moment.

If anyone hasn't seen it, I'm going to play it.

I'm going to play it because we're in a moment right now.

I don't know if you heard Peter Tuckman describe it.

That it was a feeling like in covid of just feeling a darkness and a fear.

And on that floor that people hadn't felt.

And it was a horrible feeling.

It makes you feel sick. And there was another moment he mentioned.

There was one other moment.

And that moment was that horrible crash when nobody thought they could even get money out of an ATM.

And you said it like it was at that time.

I want to play the moment.

He has no idea.

Kramer.

I have talked to the heads of almost every single one of these firms in the last 72 hours.

And he has no idea what it's like out there.

None.

And Bill Poole has no idea what it's like out there.

My people have been in this game for 25 years.

And they are losing their jobs.

And these firms are going to go out of business.

And he's nuts. They're nuts.

They know nothing.

Kramer.

I have not seen it like this since I went five bid for a half a million shares of Citigroup when I got hit in 1990.

This is a different kind of market.

And the Fed is asleep.

Nailed that one.

Obviously, there's very much less medicated than me now.

Or maybe just younger and a little more fiery.

But yeah, that was 2007.

You and I both knew.

And I was getting tired of trying to be calm and trying to be like you are supposed to be on TV.

But I always felt comfortable with you.

And I know that.

I just, oh shit.

Excuse me.

That's down.

That's alright.

My friend is going to be on tomorrow at RH.

I'm going to have him on.

Oh, you're going to have him on?

Yeah.

I've known him for a long time.

Well, I want to know what it's like in that moment when you looked on your computer on your phone.

You lose 100 points.

You drop 100 points.

But here we are.

And I understand it's a different moment in some senses.

I'm sorry.

It's another moment.

Like that, though.

Where you come out and people should know better and they don't.

Okay, so let's put it in perspective.

Then I was worried about my paycheck.

I was worried about all the banks failing.

I was worried that Bernanke didn't know what he was doing and he didn't.

That Tim Geithner was a terrific Treasury Secretary but he didn't understand.

And what I saw happening was just the unraveling of the republic.

This is not that.

This is a man-made issue that can be corrected through some thought.

Maybe get the Treasury Secretary more involved.

Maybe explain to the people why you wanted to do this.

But this is nothing like that.

By the way, a man-made issue.

It is an issue made by one man.

Right.

So it's true.

And there were others who were around him who didn't give him good advice.

But this can be – and look, I know he's going to have to dig in his heels because that's his nature.

But the economy is stronger.

Unemployment is very, very low still.

We still have a fantastic Fed chief in J-PAL who is a remarkable person.

An adult in the room who will do the right thing now because they just created inflation.

They didn't seem to realize – I mean I thought that President Trump won in part because he realized that there was so much inflation.

Well, they just gave you far more inflation.

That was a shame.

And now you have people hoarding.

Forget – I mean I'll see you at Costco on Saturday.

I love Costco.

But not because I'm hoarding.

But I do buy gold for Costco.

I like gold.

But I just feel that they just got – they just did the wrong thing, Aaron.

But it's not something that is catastrophic.

The stock market will recover.

But this is not 2007 when so many people lost everything.

Well, and let's hope that they can course correct.

By the way, Jim Cramer buys gold bars at Costco.

There you go.

Well, I was dealing with the gold executive the other day who said, you know what?

I do it too.

I get 3 percent back on my credit card.

I said, but you're the largest gold miner in the world.

He goes, a bargain's a bargain.

All right.

Well, there you go.

So there's your advice.

Gold bars at Costco are having me.

It's wonderful to see you, Jim.

And so appreciative that you could come and that CNBC let you come.

And, of course, CNBC's Mad Money, Squawk on the Street.

Very kind.

You can see Jim.