Stocks aren’t tanking Monday because Wall Street believes President Donald Trump is “right” about trade, according to CNBC’s Jim Cramer.

“I thought that [stock] futures would open down big,” Cramer said Monday on “Squawk on the Street.” “By not being down, the market is saying, ‘Trump’s right.’ It’s not saying [trade] doesn’t matter. It’s saying Trump’s right.”

U.S. stocks opened relatively flat Monday, with the Dow Jones industrial average following the futures’ lead after Trump lashed out again on Twitter at Canada and the European Union.

Trump tweet: Fair Trade is now to be called Fool Trade if it is not Reciprocal. According to a Canada release, they make almost 100 Billion Dollars in Trade with U.S. (guess they were bragging and got caught!). Minimum is 17B. Tax Dairy from us at 270%. Then Justin acts hurt when called out!

Trump tweet: Why should I, as President of the United States, allow countries to continue to make Massive Trade Surpluses, as they have for decades, while our Farmers, Workers & Taxpayers have such a big and unfair price to pay? Not fair to the PEOPLE of America! $800 Billion Trade Deficit…

Trump’s criticism came shortly after he left the G-7 meeting in Quebec early to travel to Singapore for a historic meeting with North Korean leader Kim Jong Un.

The president decided earlier this month to impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports from Canada, Mexico, and the EU. The three U.S. allies quickly announced retaliatory measures.

Cramer on Friday cautioned against trading around Trump’s tweets and his administration’s talks with U.S. trading partners. He argued at the time that trade talks were “a work in progress,” saying investors should buy on trade-related downturns rather than fret about them.

“Think of it this way: we’ve had the best action in three months for the Dow and that occurred ahead of the Fed meeting, ahead of the G-7 meeting and ahead of the North Korean summit,” Cramer said Friday. “Worry has not been paying off here.”

Cramer said Monday there are some people on Wall Street who believe the market doesn’t take Trump seriously. The “Mad Money” host is not one of them.

“If they didn’t think Trump was serious, if they didn’t think the president mattered, … then the market would be down big,” Cramer argued.