President Donald Trump has openly criticized and then praised companies like Boeing, United Technologies and Lockheed Martin, yet Jim Cramer noted that he hasn't necessarily hurt the stocks. Instead, Cramer worried that there is something much bigger that lurks beneath that is freaking out executives and shareholders. "They are worried that President Trump may be willing to sacrifice whole international markets that our companies have fought hard to penetrate in order to further the jobs agenda that he campaigned on," the "Mad Money" host said. While the loss of sales to partners could be made up with Trump's platform of tax cuts, deregulation and repatriation of foreign assets, Cramer warned that he could fail to get his agenda through Congress. "In other words, maybe it's zero sum," Cramer said.

President Donald Trump meets with representatives from PhRMA, the Pharmaceutical Research and Manufacturers of America, in the Roosevelt Room of the White House on Jan. 31, 2017, in Washington, DC. Getty Images

Just after Arconic reporting a quarter that was slightly lighter than expected on Tuesday, activist Elliott Management launched a proxy fight against the company. Arconic is the maker of engineered products that was created after the old Alcoa broke itself up in November. Arconic was supposed to be the high-value added part of the company, while Alcoa would represent the aluminum portion of the business. However, since the break-up, the opposite has occurred. Alcoa's stock has rallied 70 percent, while Arconic is up only 6 percent. Elliott, which already has three seats on Arconic's board, announced it would be nominating five independent directors to the company's board. In particular, Elliott took issue with the leadership with CEO Klaus Kleinfeld, and requested to replace him with former CEO of Spirit Aerosystems Larry Lawson. Cramer spoke with Kleinfeld about a potential challenge to his leadership prior to the Elliott news being announced, and asked him what he will do if there is a challenge. "We have to look at it and as always, the board and management will engage with shareholders. We've done that continuously, we've listened to what they have to say and we will come to a conclusion of what is best, and I hope this will be a joined agreement and how we go about it," Kleinfeld said. Cramer was prepared for President Donald Trump to go into his meeting with top pharmaceutical executives on Monday with a baseball bat in hand. Instead, he merely jawboned them about charging less for drugs. The U.S. government is the biggest buyer of drugs in the world. It has tremendous bargaining power, Cramer said, but chooses not to use it. Instead, it lets the drug companies decide pricing; this in contrary to almost every other country in the world. It was clear to Cramer that Trump doesn't want to do that, which for the first time seemed at odds with the message he campaigned on. "This is an important departure for a president who has been sticking to his guns on his campaign promises," Cramer said.

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