Jim Cramer on Trade: China Is Playing Hardball

TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer said China is playing hardball when it comes to trade.

"I contend ultimately that all command economies have failed," Cramer noted.

On Wednesday, China announced fresh tariffs on $16 billion of U.S. goods. 

Now Watch: How Do the Tariffs Affect My Wallet?