CNBC's Jim Cramer says the biggest concern for Apple shareholders should be around what President Donald Trump does next in the U.S.-China trade war.

"I actually think it's more likely that President Trump hurts Apple more than" Chinese President Xi Jinping, Cramer said on "Squawk on the Street" on Wednesday. He said new tariffs on Chinese imports could really hit Apple.

Trump has been threatening to place tariffs on another $300 billion worth of Chinese goods, effectively the rest of China's imports in the United States, after increasing tariff rates last month on the $200 billion worth of Chinese goods already subject to punitive duties.

On Monday, Trump told to CNBC that if Xi does not attend the G-20 meeting later this month, he would pull the trigger on those additional tariffs.

Thus far, Apple feels that it has shielded itself from any immediate impact from the escalating U.S.-China trade and economic disputes.

"The Chinese have not targeted Apple at all, and, I don't anticipate that happening, to be honest," Apple CEO Tim Cook said in an interview with CBS News earlier this month. Though Cook admitted that more tariffs could eventually hurt sales, though he said he does not "anticipate it happening."

Cramer on Wednesday encouraged investors not to sell their shares of Apple, but said he understands wanting to take profits with the stock up 10% this month and the specter of trade as an overhang.

"I do think you can own it. Don't trade it," the "Mad Money" host said. "But I totally understand why someone might say, 'This has been a good run, I'm done.'"

While drifting down slightly in Wednesday afternoon trading, Apple shares on Tuesday logged a six-session winning streak.

In June, as of Tuesday's close, the Nasdaq surged nearly 5%, while Apple stock advanced double that since the last trading day of May.

Apple, along with tech stocks broadly, were slammed in the May market rout, which saw the Nasdaq lose 8.4%, in its worst monthly performance since December.