CNBC’s Jim Cramer said Monday that the U.S. mainstream media is wrong that Chinese premier Xi Jinping "is a great Chinese man with great democratic leanings" and that in the U.S., "we have a madman as president."
"China is the enemy, except for in the mainstream media that just loves Xi," the "Mad Money" host said about the ongoing negotiations regarding "Phase One" of a trade deal on CNBC's "Squawk Box."
JIM CRAMER, CNBC: I think we have to go back to China. I think right now the Chinese press is trying to say, "look, maybe there is some give on intellectual property." I think away from that, the White House is toughening its line -- they're saying, listen, we're not the ones saying there is good planning after Phase One. We're not the ones saying there is Phase One, that there has to be something done monetarily before you can get to the table to start talking intellectual property.
So we can have all the mergers we want, we can certainly have mayor Bloomberg getting in the race, but what we don't have is the commitment ahead of time that the president wants before he sits down. The president feels like he has a very winning hand right now the mainstream media does not. The mainstream media is not dealing with the deceleration of the Chinese economy and the acceleration of the consumer economy here.
CNBC HOST: And that doesn't even take into account what happened in Hong Kong either, Jim. We may be, I don't know, are we giving enough importance to what could be a sea change in that -- that affects 1.5 billion people. I don't know, you know
JIM CRAMER: I do think that what is happening is that the hand of Xi keeps weakening. But the mainstream media keeps talking about it getting stronger. I think Trump knows that that's not the case trade average -- all his trade advocates know it is not the case.
If you saw Mnuchin come out and say I'm finished with these guys, what would happen is we would see a real deal. We have to walk away to get a real deal. That's the only way to do it, we have to walk away, because right now, I've got to tell you, I really don't think China is doing well at all economically and we are -- but the mainstream media says that Xi is a great Chinese man, with great democratic leanings, member of the WTO, and we have a madman as president that's pretty much what I see.