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I think our portfolio is very much set up for this moment. We have lots of industrials that do well when there's worldwide growth, albeit we'll be hurt in a knockdown drag with China, with 3M, Illinois Tool Works, Emerson, and Honeywell. I think that that can be avoided, but it would be more certain if my old pal Larry weren't in the hospital, and was instead by the president's side, helping him understand how world trade can benefit the US, not just China. The latter two stocks, Emerson and Honeywell, had very good quarters and no longer come in on down days. I mean, well, barely. Honeywell's resilience is a product of becoming less cyclical, facilitated by its upcoming breakup and the championing of its safety and productivity solutions business by one of the most well-regarded analysts in the industry, Steve Tusan from JP Morgan.

Jim Cramer: He has called this segment "the single best segment growth story in the entire sector", because it is on the right side of technology disruption and enables ecommerce fulfillment. Combined with aviation, Honeywell has two terrific segments in its core portfolio, and don't forget CEO [Darius Damcek 00:23:42] has a robust amount of capital at his disposal to spend on MNA and more buybacks. I saw Dave Cody, Dave used to live next door to me, he was the CEO. Dave's doing well, he's doing this back at Goldman, but remember Dave said to Darius, "Do what you want with the company." Darius is doing just that. Now we have gone over the flaws with you about 3M and ITW multiple times, and obviously 3M down today, ITW up a tad, they were hurt by autos. Autos just, they were, I don't want to say they were blindsided, but they just saw some weakness in the auto business in that first quarter.

Jim Cramer: However, both companies have now said repeatedly in the last four weeks that things have gotten better in autos, which is why we've been urging you to buy their companies. Just like they told you that autos were going to be bad, and we were trying to get some off trying to sell, and then they came out and it was bad, we think it's going to be the same this time. I mean literally this time I think that people, the analysts, when the conference call comes and they say, "Autos are better, the stock's going to go up." I trust both companies. Could I be wrong? Of course, but trust is still something that matters. If you have no trust, you should never ever buy a stock, you should stick with treasuries.

Although global growth is great for the likes of 3M Co. (MMM) , Illinois Tool Works Inc. (ITW) , Honeywell International Inc. (HON) and Emerson Electric Co. (EMR) , a trade war with China sure wouldn't be, said Jim Cramer during the June Action Alerts PLUS members' call.

"We have lots of industrials that do well when there is worldwide growth albeit we will be hurt with 3M, Illinois Tool Works, Emerson and Honeywell if we have a knockdown drag out with China," Cramer said.

Cramer noted that he's not counting on a trade war with China to actually come to fruition; however, he said he would be more certain such a conflict could be avoided if National Economic Council Director Larry Kudlow were "by the president's side helping him understand how world trade can benefit the U.S. not just China." Kudlow was release from the hospital Wednesday after suffering a heart attack Monday night.

Despite the notion of a tussle with China, Cramer said Honeywell and Emerson "had very good quarters and no longer come in on down days." He noted that Honeywell has become less cyclical and ought to gain from an upcoming breakup.

Illinois Tool Works and 3M have struggled of late as automobile manufacturing limps along. "However, both companies have said repeatedly in the last four weeks things have gotten better in autos, which is why we have been urging you to buy their stocks," Cramer said. "I trust both companies."

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