John Oliver Has Small Crisis After Jim Cramer Correctly Explains How Trump Tariffs Will Hurt Americans | Video
As the U.S. economy continues to reel from Trump’s tariffs, CNBC’s Jim Cramer offered a pretty concise and accurate explanation for how Americans will suffer because of said tariffs — which sent John Oliver into a small spiral on Sunday night.
In the latest episode of “Last Week Tonight,” the HBO host wasted no time before diving into his main story surrounding the president’s recent economic decisions. And though there were many “incredibly stupid” elements of the tariffs, according to Oliver, Cramer managed to explain “the dumbest” part of the calculations quite well.
In a clip from Cramer’s CNBC show “Mad Money,” the host explained that Lesotho was one of the two most highly tariffed nations on Trump’s list because the U.S. imported roughly $240 million worth of goods from them last year (mostly apparel or diamonds). But, Lesotho can’t afford to buy much from the U.S.
“So what happens now? To start, we’re going to have to pay a lot more for any apparel or diamonds from Lesotho,” Cramer detailed. “Maybe we can replace the apparel, but diamonds? I mean, that’s a lot harder.”
“And the only way for Lesotho to get out of this jam is by importing more stuff from America, which it can’t do because it doesn’t have any money,” he continued. “So the President has likely just made things more expensive for Americans and not really changed the behavior of our trading partners.”
As the clip ended, Oliver seemed visibly stunned.
“He’s right. S–t,” Oliver said, dumbfounded. “Jim Cramer was right. I think I’m going insane!”
You can watch John Oliver’s full story on Trump’s tariffs in the video above.
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