Shares of Apple jumped more than 3 percent in after-hours trading on Monday following what Jim Cramer described as an "incredibly strong" quarter.

Apple reported much better than expected iPhone sales and strong sales for the 7 plus, which caused average selling prices to spike higher. That was amazing for Cramer, given that the product is 10 years old.

Service revenue streams also grew with 150 million direct and indirect subscribers, matching Facebook's quarterly revenues. Even better, the company's monster cash position grew to a record $246.09 billion, which could be repatriated at very low levels if President Trump gets his way.

If Trump presses countries that trade with the U.S. for real concessions, then a new form of risk could arise that many Apple investors assume doesn't exist, Cramer warned.

"The president recognizes that both China and the U.S. have to be allowed to win, and if that happens and Apple gets repatriation relief, then I see it trading back to its old highs when the iPhone 8 comes out," the "Mad Money" host said.