Volatile Week: U.S.-China Tariff Showdown, Big Bank Earnings, BlackRock CEO Fink "First on CNBC" 4/11/25

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Jim Cramer (0:59)

It's Jim Cramer here. You're listening to the opening bell of CNBC Squawk on the Street. Don't miss a minute of the action.

David Faber (1:06)

Good Friday morning, everybody. We made it. Welcome to Squawk on the Street. I'm David Faber with Jim Cramer. We're live from Post 9 at the New York Stock Exchange. Carl is on assignment. Let's give you a look at futures. We're getting ready to have the final trading session of a long week. And one of course with enormous volatility. In fact, even in the futures, Jim, which had looked up sharply until a little while ago. Not sure.

Jim Cramer (1:33)

Want a good PPI?

David Faber (1:34)

I don't know. Yeah, I don't know. You know what? That's what I've heard a lot last week. I don't know. All right. One man who does know, at least we hope he does, is Larry Fink. He's going to join us live and it's a first on CNBC. Good. Yeah, after BlackRock's starting. Let's start with the markets. We are looking to bounce back from yesterday's sell-off this after Wednesday's historic rally. The trade war, it's just intensifying, at least when it comes to China and the US. Of course, China did announce now it's raising its own tariff on US goods to 125 percent. This in response, of course, to what is the 145 percent levy on Chinese imports. It is almost risible.

Jim Cramer (2:13)

These are embargoes. We just call them embargoes.

David Faber (2:17)

Beijing suggesting, Jim, that it will not match any further increases by the US and says additional hikes by the Trump administration would be quite quote a joke.

Jim Cramer (2:26)

Joke.

David Faber (2:27)

I mean, we're at that point where it's like, all right, enough, we're done.

Jim Cramer (2:30)

Yeah.

David Faber (2:30)

Like, what do you have to do?

Jim Cramer (2:31)

Look, I don't think people at home may recognize, but there simply is, there'll be no traffic between the two countries. We'll be back to where we were when Nixon went to China. And the year after that, there was a billion dollars in business. We're heading back to the pre-recognition stage.

David Faber (2:48)

There was a lot of buying, so there was inventories will be heavy over here from those who do import from China. It'll take a while to work through that.

Jim Cramer (2:58)

Two and a half weeks from when this happened, so we'll be getting things for two and a half weeks, and then that will be it. The confidence level of a Walmart.

David Faber (3:06)

I think they also put people pre-ordered, got stuff in.

Jim Cramer (3:10)

Yeah, there's a lot of excess orders.

David Faber (3:12)

Meanwhile, you can also do something called, apparently, a bonded warehouse for goods, where you don't have to pay, that you don't actually take ownership of them at the port. So you don't have to pay the tariff yet. You can put it in a warehouse. And some companies are doing things like that in the hopes that the tariffs may go away in some period of time, where they can just pay for the storage fee. But who knows?

Jim Cramer (3:30)

There's plenty of sense that something's going to happen that's going to take this away. In fact, just because of what we saw the other day with it going to 10%. I don't see that at all. I think these are very different kinds of tariffs. I mean, this is a tariff where I think there's some people with the administration who actually ultimately have a goal of regime change.

David Faber (3:49)

Regime what? Regime change. Where?

Jim Cramer (3:51)