Jim Cramer began talking about the possible report that China will slash U.S. import tariffs by saying that companies such as Tesla (TSLA) will benefit from it.
He then chided the Chinese media for going after Canada. "You don't pick on Canada," he said.
Auto Stocks Surge After Report That China Will Slash U.S. Import Tariffs
TheStreet's Martin Baccardax reported on the news that European auto stocks surged and U.S. carmakers were jumping higher as the market opened.
Officials have submitted a proposal to reduce tariffs on cars made in the U.S. and imported into China to 15% from the current level of 40%, Bloomberg reported. President Donald Trump hinted at such a move following his trade summit with China's President Xi Jinping earlier this month in Argentina, and the Bloomberg report, which cited officials in Beijing, could mark an important thaw in U.S.-China trade relations while providing more clarity for European carmakers worried about the fate of tariffs from both Washington and Beijing. The report also followed data from China showing car sales have hit their weakest patch in five years.
Cramer expressed his love for Canada and his disappointment that Chinese media criticized Canada's arrest of Meng Wanzhou, Huawei's CFO.