CNBC's Jim Cramer said Tuesday that the banking sector is an "odd" winner from the tariff delay that President Donald Trump issued on a number of Chinese imports. He said the group ranks among the biggest losers whenever the U.S.-China trade war escalates and that it tends to catch a nice rebound when tensions ease. While the SPDR S&P Bank ETF is down nearly 1% the past five sessions, it managed to climb 0.93% during the trading day. "Best bet is Citi," the "Mad Money" host said. "That currently sells at a discount to its tangible book value. That's one reason Citi's buying back such a gigantic amount of stock this year, more than any other bank as a percentage of the float." Shares of Citigroup have rallied more than 24% this year after the stock closed up shy of 1% Tuesday.

What's behind Trump's tariff delay?

Traders work on the floor of the New York Stock Exchange Lucas Jackson | Reuters

Trump's move to delay a new round of tariffs on some Chinese imports fooled the bears and triggered a short squeeze to spark a market rally, Cramer said. A "stock market sensitive" Trump played a hand to stop the market from continuing a downward swing with the 2020 election on the horizon, the host said. One day after the Dow Jones Industrial Average plummeted 391 points, the index bounced back more than 372 points on news that planned tariffs on some Chinese products would be delayed to Dec. 15. "The next time you're terrified that everything is falling apart and the stock market's about to roll over, remember that we have a pro stock market president who's willing to take action to turn around the averages," Cramer said. "Maybe that's unfair to the bears, but it's fabulous for the bulls." Read more here

The truth on tariffs

Chinese customers visit an Apple Store in Hong Kong. Marcio Rodrigo Machado | S3studio | Getty Images

Apple is the biggest beneficiary of President Donald Trump's tariff delay, Cramer said. The tech giant's iPhones and laptops are assembled in the country and would have been subject to a 10% tariff to be shipped to America, a cost that could have been passed on to consumers. Trump on Tuesday decided to scale back how far a fresh round of levies would stretch on goods coming from China. "This a home-run day for Apple, huge wins," the host said. "Apple has been a total flashpoint within the White House because they're caught between both countries. ... Plus, they've built a whole ecosystem of job creation in the software space in both countries." Cramer points out the biggest winners of the tariff delay here

Choppy waters ahead?

Gabriel Bouys | AFP | Getty Images

Investors should practice caution, despite Wall Street's big rally on Tuesday, Cramer warned. The market is trekking through a volatile period and Mark Sebastian, who the "Mad Money" host called "VIX master," is urging vigilance. The VIX, or CBOE Volatility Index, gauges market risk based on investor sentiment about stocks listed on the S&P 500. Cramer took a look at analysis from Sebastian to get a read on the state of the market. "While he's not predicting a big decline, he thinks you should be prepare for choppy waters and perhaps a modest pullback," Cramer said. "The averages haven't really digested these latest gains, and like we saw last week, big moves higher can result in some serious stock market reflux." Get a deeper understanding of the volatile market here

CEO interviews

Anders Gustafsson, CEO, Zebra Technologies Scott Mlyn | CNBC

Zebra Technologies, which is a top player in enterprise asset intelligence, has made strides in becoming a key part in retailer strategy, CEO Anders Gustafsson told CNBC. The tech company counts, which offers tools for data capture and real-time locating operations, counts the NFL among its clients. "Historically, we were probably viewed a bit more as a tactical device supplier," he said in the one-on-one. "Today, we're much more of an integral part of enabling them to execute on their strategy." Catch the discussion here

William Doyle, Executive Chairman, Novocure Scott Mlyn | CNBC

Novocure, an oncology company that launched a novel cancer treatment that doesn't involve surgery or radiation, recently reported its first quarter of positive operating income. The company's Tumor Treating Fields is gaining approval among the public, Cramer noted. "We have to educate doctors and we have to educate patients and we have to keep publishing papers, and we've just done that at a steady clip so that our therapy is becoming accepted," Chairman Bill Doyle told the host. Novocure was also designated Category 1 by the National Comprehensive Cancer Network. "This is the group of leading medical schools that essentially determines standards of care," Doyle explained. "Category 1 is their highest designation. That helped a lot too." Watch the interview here

Cramer's lightning round: Own Lockheed Martin. It's going to go up