Trump’s antitrust team might not be so pro business: Jim Cramer

CNBC’s Jim Cramer on Wednesday suggested to investors that Donald Trump’s administration may not be as friendly to big business as many on Wall Street believe. He pointed out that some who have the President-elect’s ear — including his second-in-command, JD Vance — are critical of companies accused of wielding illegal monopoly power.

“Now, at the end of the day, politicians are politicians. They can turn on a dime if it suits the current moment,” Cramer said. “But Vance’s hard line about Google’s supposed left-wing bias, you know, that might strike a chord with President-elect Trump, who didn’t exactly get a lot of support from Big Tech.”

Trump’s campaign promises of tax cuts and deregulation set some expectations that his administration will loosen up on antitrust rules and pave the way for deal-making largely hindered by President Joe Biden’s administration. Regulators appointed by Biden — namely Federal Trade Commission Chair Lina Khan and Assistant Attorney General for the Department of Justice Jonathan Kanter — have been tough on large corporations, bringing Big Tech outfits like Google, Amazon and Apple to task.

Cramer said Vance seems to lean populist when it comes to antitrust and is a Big Tech critic, unlike many of his Republican peers. In March, he called Google “one of the most dangerous companies in the word” and advocated for its break up. Vance has praised Khan’s work, in February dubbing her the “best person” in the Biden Administration. Cramer also pointed out that Trump’s attorney general pick, Florida’s Republican Rep. Matt Gaetz, has been critical of Google and supported bipartisan efforts to limit its power.

Although this “tug-of-war” dynamic among Republicans may make it less clear which stocks will thrive under Trump, Cramer asserted that money will be made anyway — as was the case under Biden despite his strict antitrust stance.

“That’s why I say don’t dwell too much about the FTC or Justice when you make your investing decisions,” he said. “Just don’t be surprised if the Trump antitrust regulators are a little more like Kantor or Khan than you could ever have imagined.”

The Trump campaign did not immediately respond to request for comment.

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