Panic is not a strategy, Jim Cramer reminded his Mad Money viewers Friday, just has he did on Thursday when the markets were roiled by new tariffs on imported steel and aluminum.

The bears were out in force again Friday, but the fact remains that a few tariffs do not necessarily mean an all-out trade war. It's time, Cramer said, to speak some truth on trade. Not all tariffs are bad. 

But what investors really need to do is be prepared. So his game plan for next starts out on Monday keeping an eye out for any retaliatory actions from foreign countries. He'll also be looking for any indication that Gary Cohn, former president of Goldman Sachs (GS) and currently director of the National Economic Council and chief economic adviser, might resign his White House position over differences of opinion with the president.

Also on Monday, metals dealer Ryerson (RYI) will be reporting and can give us a clearer indication of what tariffs really mean.

Tuesday sees earnings from both Target (TGT) and Ross Stores (ROSS) , two retailers that Cramer likes very much after strong earnings from TJX Cos.  (TJX) .

Next, on Wednesday, it's earnings from Dollar Tree (DLTR) and Costco (COST) , two stores filled with Chinese goods that could (but likely won't) be affected by retaliation on trade. Thor Industries (THO) could be hurt however, Cramer said, which made him cautious.

Thursday brings earnings from Kroger (KR) , a great company dealing with incredible competition. Cramer advised ringing the register.

Finally, on Friday, the scariest event of the week: the latest non-farm payroll numbers. Cramer said that the last strong report sent the market into a tailspin, so this report will matter.

Cramer and the AAP team say some of this weakness is overblown, and they're adding to their stake in Honeywell (HON) . Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

Don't Get Emotional About Trade 

It's time to stop getting emotional about trade, Cramer told viewers. Yes, a potential trade war could drive some stocks lower, he admitted, but there's always a bull market somewhere.

Cramer has interviewed the CEOs of steelmaker Nucor (NUE) and aluminum giant Alcoa (AA)  repeatedly since "Mad Money" began, calling former Nucor CEO Dan DiMicco a friend. For years, they have expounded on the effects of Chinese dumping. To create jobs, China builds factories and sells the output of those factories well below cost to keep their workers employed.

South Korea isn't much better, Cramer added, because the Koreans buy very few of our cars, for instance, but sell plenty of their cars here.

For years, no one seemed to care, as steel mill after steel mill shut down in the U.S. The problem has gotten so bad that it's now a national security issue. Can you have a strong national defense without a robust steel industry? Probably not.

What are the real effects of these tariffs on the American consumer? You might be forced to pay an extra $100 per car and perhaps 0.3 cents more for a can of Coca-Cola (KO) .

President Trump's trade policies helped him win the election, Cramer concluded, so it's no surprise he's willing to crimp earnings today to avoid future losses in the future.

On Real Money, Cramer says: Contrary to a lot of the commentary you hear, some of these countries, including China, can be paper tigers. Get more of his insights with a free trial subscription to Real Money. 

Calls From Viewers 

In his "Voice of Cramerica" segment, Cramer took more calls from viewers to hear what's on their mind. The first caller asked about Walmart (WMT) , but Cramer said he didn't like the company's last quarter, preferring Target.

The second caller asked for more clarity on the effects of tariffs. Cramer said that pipeline companies, for example, long ago gave up on pipes made with U.S. steel, opting for cheaper Mexican pipes. But now, that could change and those companies could be buying from Nucor.

When asked about McDonald's (MCD) , Cramer said he's a believer for the long term and also likes Darden Restaurants (DRI) .

Finally, when asked about Cronos Group (CRON) as an investment, Cramer said he wouldn't advise it.

Selloff Strategies

In his "No-Huddle Offense" segment, Cramer quickly recapped his game plan for markets like we had this week. He called it "Selloffs 101" and said it's a strategy to handle, and even profit, from declines -- as long as their isn't systemic risk in the market, like we saw in 2008.

First, know that selloffs typically happen after a big run, when an unforeseen event hits the market, like new tariffs. All stocks will go down at first, because they're all connected by the futures markets -- but not all of them should go down.

Investors should snap up those great stocks that don't deserve to go down, while avoiding those in the blast zone and those that were lagging the market before the panic.

By sticking with what was working before the decline, and buying more as the market declines, when the rebound happens, you'll be well positioned for success. And if not, well, there will always be another decline coming around the corner.

Cramer and the AAP team say some of this weakness is overblown, and they're adding to their stake in Honeywell (HON) . Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.  

Executive Decision: Randgold Resources

For his "Executive Decision" segment, Cramer again spoke with Mark Bristow, CEO of Randgold Resources (GOLD) , the gold miner with shares that are down 8.4% for the year.

Bristow said that Randgold has seen weakness like this before and it simply goes with the territory when you're mining for gold in emerging markets. He said their assets in sub-Saharan Africa remain world class and they're still searching for even more opportunities in the region.

When asked about bitcoin and other cryptocurrencies, Bristow called them a passing fad. He said there's only one currency that you can't print, and that's gold. 

Lightning Round

In the Lightning Round, Cramer was bullish on Raymond James Financial (RJF) , Vail Resorts (MTN) , Chubb (CB) , Travelers Companies (TRV) and Intel (INTC) .

Cramer was bearish on Snap (SNAP) , Senior Housing Properties Trust (SNH) , Opko Health (OPK) , Deere & Company (DE) , AFLAC (AFL) , Seagate Technology (STX) and Chesapeake Energy (CHK) .

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At the time of publication, Cramer's Action Alerts PLUS had a position in HON, NUE.

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