The stock market suffered a sharp sell-off on Wednesday after President Donald Trump announced new tariffs ranging from 10% to 49% on imported goods from more than 180 countries and territories.

The sweeping move sent shockwaves through Wall Street, with technology stocks, semiconductor firms, and major exporters bearing the brunt of investor fears.

Veteran market analyst Jim Cramer, speaking on CNBC, delivered a blunt assessment of the situation, arguing that Trump’s priority is punishing America’s trading partners, not stabilizing markets or ensuring investor confidence.

“Ultimately, I think we’ve been looking at this president all wrong,” Cramer said. “This president turns out to be an equal-opportunity hater. He doesn’t care what these countries do. Ultimately, he thinks they can’t really hurt us. Why? Because they don’t buy much of our stuff anyway.”

Cramer suggested that investors need to recognize that Trump is willing to disrupt everything—including Wall Street—in his pursuit of what he calls “fair trade.”

The tech sector was hit hardest following the announcement. Apple, which relies heavily on manufacturing in China and other Asian countries, slid more than 6% in late trading, leading to a broader decline among technology firms. Nvidia, which produces its advanced semiconductor chips in Taiwan and assembles AI systems in Mexico, dropped 4%, while Tesla, which has global supply chains spanning China and Germany, fell 4.5%.

Other major tech stocks, including Alphabet, Amazon, and Meta, declined between 2.5% and 5%, reflecting broader fears about increased production costs and supply chain disruptions. Microsoft, which manufactures hardware components in China, also dropped almost 2%.

The stock market’s reaction was swift and severe. The S&P 500 closed down 2.3%, while the Dow Jones Industrial Average plummeted 680 points, marking its biggest single-day decline since October 2023.

Cramer, acknowledging the market panic, said that like everyone else, he wants clarity on how the Trump tariffs will eventually end. But for now, investors have to accept that prices will rise and companies’ bottom lines will get hurt.

“He’s not trying to make investors happy. He’s not about happiness for us,” Cramer said. “He’s about making these countries bend to his will, and if it causes inflation, then it causes inflation.”

Trump, speaking at a White House Rose Garden event branded as “Liberation Day,” dismissed concerns over the market turmoil and defended his decision as a necessary step to correct decades of trade imbalances.

“This is one of the most important days in American history,” Trump declared. “We will supercharge our domestic industrial base, we will pry open foreign markets, and we will break down foreign trade barriers.”

His administration’s reciprocal tariff policy applies to over 50 countries, including major economic powers like China, the European Union, India, and Japan, as well as several developing economies across Africa, Asia, and Latin America. Under this framework, the U.S. is imposing duties on imports equivalent to half the tariff rates those countries apply to American exports.

The move has drawn immediate condemnation from U.S. trading partners, with many already vowing to retaliate. China has threatened new tariffs on U.S. agricultural and tech exports, escalating the trade war between the two superpowers. The European Union called Trump’s move “economic sabotage” and is reportedly preparing countermeasures against key U.S. exports. Canada has dismissed the claim that its tariffs on U.S. goods are unfair, warning that retaliatory duties will be imposed within weeks. Japan and South Korea, both major exporters to the U.S., are also considering WTO action against Washington.

For corporate America, the uncertainty is creating serious risks. Many multinational companies rely on overseas manufacturing and now face steep tariffs that could erode profits. Apple, which assembles most of its iPhones and MacBooks in China, may be forced to raise prices or relocate its supply chain—an expensive and time-consuming process.

Automakers such as Tesla and Ford, which import critical components from Europe, Asia, and Mexico, face higher production costs that could either be passed on to consumers or result in thinner margins. Retailers like Walmart and Target, which import massive amounts of consumer goods, may have to raise prices on everything from clothing to electronics.

Cramer advised investors to shift their focus to domestic-facing companies that are less exposed to international trade disruptions. Businesses that cater to small and medium-sized enterprises within the U.S. may be better insulated from the fallout. However, he warned that inflation is now a major concern, as rising costs from tariffs will eventually hit American consumers.

He concluded with a sobering warning: “Prices are going up, corporate profits are going down, and supply chains are about to get more complicated.”

For those hoping Trump will change course to protect the stock market, Cramer suggested they forget about it. With Trump doubling down on his protectionist trade policies, markets are bracing for more volatility, and investors may need to prepare for a prolonged period of market downturn.