I've never been a 'free trader', says Jim Cramer
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CNBC
an hour ago
- CNBC
India calls out EU and U.S.' trade with Russia after Trump threatens steeper tariffs on New Delhi
India said it was is being "targeted" by the U.S. and the European Union over its imports of Russian oil after U.S. President Donald Trump in an overnight social media post threatened New Delhi with much steeper tariffs. India began importing oil from Russia only after traditional supplies were diverted to Europe following the outbreak of the Russia-Ukraine war in 2022, the country's foreign ministry said in a statement late Monday. The ministry called out the EU and the U.S. saying, "it is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion [for them]." The EU's bilateral trade with Russia stood at 67.5 billion euros ($78.1 billion) in 2024, while its services trade in 2023 was at 17.2 billion euros, according to European Commission data. Citing that data, India said the bloc's trade was "significantly more" than India's total trade with Russia. Data from the Indian embassy in Moscow showed bilateral trade between New Delhi and Moscow reached a record $68.7 billion for the year ended March 2025, nearly 5.8 times higher than the pre-pandemic trade of $10.1 billion. The EU, meanwhile, was Russia's third-biggest trade partner in 2024, accounting for 38.4% of the bloc's total trade with the country, sliding from being Moscow's top partner in 2020. EU's goods trade with Russia dropped to 67.5 billion euros in 2024 from 257.5 billion euros in 2021. India's response comes after Trump threatened on Monday that he would be "substantially raising" the tariffs on India, although he did not specify the level of the higher tariffs. The U.S. president had threatened a 25% duty on Indian exports, as well as an unspecified "penalty" last week. He also accused India of buying discounted Russian oil and "selling it on the Open Market for big profits." Russia became the leading oil supplier to India since the war in Ukraine began, increasing imports from just under 100,000 barrels per day before the invasion, or a 2.5% of its total imports, to more than 1.8 million barrels per day in 2023, or 39%, according to the U.S. Energy Information Administration's report earlier this year. "The United States at that time actively encouraged such imports by India for strengthening global energy markets stability," the country said in its statement. According to the International Energy Agency, 70% of Russian crude was exported to India in 2024. India said oil imports were meant to ensure predictable and affordable energy costs to the Indian consumer. India has in the past defended its oil purchases from Russia, with Hardeep Singh Puri, the country's energy minister, saying in an interview last month with CNBC that New Delhi helped stabilize global energy prices and was encouraged by the U.S. to do so. "If people or countries had stopped buying at that stage, the price of oil would have gone up to 130 dollars a barrel. That was a situation in which we were advised, including by our friends in the United States, to please buy Russian oil, but within the price cap," Puri said. India also took aim at the U.S, saying the country continues to import uranium hexafluoride for its nuclear industry, palladium for the electric-vehicle industry, as well as fertilizers and chemicals. U.S. bilateral trade with Russia in 2024 stood at $5.2 billion, compared with nearly $36 billion in 2021, government data showed. The U.S. has not imposed any "reciprocal tariffs" on Russia. "In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security," New Delhi said.
CNBC
3 hours ago
- CNBC
Jim Cramer attributes market resilience to Big Tech's earnings success
CNBC's Jim Cramer reviewed Monday's market action and told investors that stocks' rebound from last week was lead by positive news from the Magnificent Seven Tech stocks — Microsoft, Meta, Amazon, Apple, Alphabet, Nvidia and Tesla. "Now, some of that may be because…the Fed has to cut, maybe even before September — I mean, that's how weak the employment numbers are," he said. "But at the heart of the market's resilience is, well…the Magnificent Seven." The indexes closed in the red on Friday as investors worried about a much weaker-than-expected labor report and President Donald Trump's modification of "reciprocal" tariffs on a number of countries. But stocks reversed course on Monday, and the Dow Jones Industrial Average jumped 1.34%, the S&P 500 added 1.47% and the Nasdaq Composite surged 1.95%. The market doesn't seem to be concerned that Trump suddenly fired the Bureau of Labor and Statistics Commissioner, Erika McEntarfer, and accused her of manipulating jobs data, Cramer said. Many of stocks that had been strong on Thursday but sank on Friday proceeded to recoup their losses during Monday's session, he pointed out. Cramer reviewed recent earnings from the tech titans, starting with Microsoft. He called the quarter "flawless," saying the company seems to be doing well in every segment of business. He noted that its cloud infrastructure division, Azure, saw a huge acceleration in growth. Cramer was also impressed with some figures from Meta's recent report, especially management's claim that 3.5 billion people use at least one Meta product a day. Alphabet is seeing success throughout the company, Cramer said, including its Google search business, Youtube and AI product, Gemini. He also said the Waymo business is building a nice lead over the rest of the autonomous vehicle space. Apple had a "tremendous" report, Cramer continued, emphasizing its better-than-expected growth. He was encouraged by management's comments on artificial intelligence innovations in the future. Amazon also did well, Cramer continued, with good results from retail sales and advertising revenue, as well as decent numbers from the web services division. While Cramer said Tesla's vehicle business is poor, he said it's doing very well as a tech company. He suggested it's worth owning for its autonomous driving and robots. Although Nvidia has yet to report, Cramer expressed optimism about the chipmaker and demand for its products. "Even though the Mag Seven has one hand tied behind its back with Tesla, we had tepid reactions to Apple and Amazon's numbers," he said. "The fact is that these companies, loaded with cash, not outrageously expensive — nation states, I call them — with multiple revenue streams and tight expenses, just can't be beat by any stretch of the numbers or the imagination." Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest The CNBC Investing Club Charitable Trust owns shares of Nvidia, Meta, Microsoft, Apple, Amazon and Alphabet.
CNBC
4 hours ago
- CNBC
Cramer's Lightning Round: Snowflake is a buy
Tesla: "[buy, buy, buy!]...It's in transition from being a car company to being a technology company, and you want to be in there because the tech is worth a lot more than what it's selling for right now." Accenture: "I can't believe how poorly it's doing. I'm not going to get behind it until we find out what the heck is really going on there." Ford: "If they don't get that warranty stuff down, it is just too tough to recommend." Target: "If you believe in the company and you like shopping there. It's got a good balance you're free to buy it. I happen to like TJX and Costco." Snowflake: "I like Snowflake. I think you can buy more." Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest The CNBC Investing Club Charitable Trust owns shares of TJX and Costco.
