Jim Cramer Laments Biden’s Hands-Off Approach to Market After TikTok Nukes IPO to Appease Chinese Government: He’s ‘Uniquely Not Involved’

CNBC’s Jim Cramer took aim at President Joe Biden on Monday for taking a “uniquely” hands-off approach to the stock market.

He made the remarks in the wake of Monday’s news that TikTok halted plans for an offshore IPO listing after Chinese regulators put a kibosh on the idea. In a related development over the weekend, the Cyberspace Administration of China proposed a rule that would require companies with data on more than a million users to seek its approval prior to listing its shares abroad.

“David, I don’t think they want us there,” Cramer said, addressing fellow CNBC host David Faber. “They want our capital, but they don’t want us to be powerful.”

Referencing TikTok’s parent company, ByteDance, Faber noted that TikTok didn’t have a significant need for American capital. “In the case of a ByteDance … which heard these regulations coming and sort of said we’re not going to move — they don’t need capital as much. Bytedance is making money, so they can use their own cashflow to finance their own growth,” Faber said.

Cramer responded with the critique of Biden, citing Chinese ride-share company DiDi as an example. DiDi went public on the New York Stock Exchange last month, despite the guidance from China’s regulators. The country subsequently banned the company from smartphone app stores, leading its stock to decline by more than 40 percent in the two weeks after its listing.

“I just think that the Chinese government, President Xi [Jinping], has made a point which President Biden has not addressed of, ‘Look, we are willing to ruin your own deals,'” Cramer said. “You can go buy Didi, and then we’re just going to hurt you. And nothing happens. It’s like, ‘OK, that’s just the stock market.’ This president is uniquely not involved with the stock market.”

Watch above via CNBC.