Companies are blaming President Donald Trump‘s use of tariffs, not Federal Reserve rates, as the reason behind the slowing U.S. economy, CNBC’s Jim Cramer said Friday.

“Most of the companies I’ve talked to, Mr. President, are saying [the slowdown] is because of your tariffs,” Cramer said on “Squawk on the Street. ” “I’m not hearing people blame the Fed as much as they’re blaming tariffs.”

Cramer’s reaction was to Trump’s tweets Friday morning, saying the central bank should end its “crazy” tightening moves.

Trump has been a vocal critic of the Fed and its chairman, Jerome Powell, whom he nominated, since central bankers raised interest rates four times last year. The president has repeatedly called for the Fed to cut rates.

That’s a move that Wall Street thought New York Fed President John Williams was indicating Thursday, after he said the central bank needed to “act quickly” in times of economic distress. However, a spokesperson later said Williams was drawing from research, not hinting at what may happen at this month’s meeting.

Even though Wall Street is considering a Fed cut to be almost certain later this month, it’s Trump’s tariffs that companies are remembering, Cramer said. “People have forgotten the December hike,” which happened when markets were melting down at the end of 2018.

The president is “going to have the rate cut,” predicted the “Mad Money” host. “Don’t rub it in Powell’s face anymore.”

Washington and Beijing have been engaged in a trade war for the past year, and each side has stepped up retaliatory measures on one another in the past few months. Trump slapped 25% tariffs on $200 billion worth of Chinese goods in May, and he continues to threaten duties on an additional $325 billion of goods.

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Meanwhile, multinational companies are moving production out of China instead of waiting for a resolution, a costly measure with training and building infrastructure.

It’s been a costly move for the world’s second largest economy, with China reporting it grew just 6.2% in its second quarter. This coincides with a global economic slowdown, debt ceiling negotiations and a lack of inflationary pressures, all putting stress on the U.S. economy.



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