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Jim Cramer criticizes President Trump's new tariffs on Chinese imports, calling them an effective embargo due to their 145% cumulative rate. He argues that most businesses won't absorb such a markup, leading to economic disruption and inflation. The stock market plummeted on the news, with the S&P 500, Nasdaq, and Dow experiencing significant declines. Cramer highlights the extensive reliance of US companies like Apple and HP on Chinese manufacturing, warning of potential job losses and increased prices. While believing the US can eventually wean itself off Chinese goods, he contends a rapid transition isn't feasible.

Prepared by Christopher Adams and reviewed by editorial team.