In a recent broadcast, CNBC's Jim Cramer provided a sobering analysis of the current state of the stock market, particularly focusing on Ralph Lauren Corp (NYSE:RL) as part of his overview of stocks during a tumultuous time. This discussion comes on the heels of a significant market decline, with investors left scrambling for clarity amid rising geopolitical tensions.

Cramer made his remarks during his appearance on the popular program Squawk on the Street as markets faced a second consecutive day of downturns. He attributed part of this volatility to China's announcement of reciprocal tariffs, emphasizing the growing trend of retaliatory trade measures. Cramer explained, “Well, I think we are in a tit-for-tat environment. When you look at what they are going to target first, it’s agricultural products. While this won’t hurt that much initially, I anticipate that the President and Congress will respond with financial aid, which has been our country’s pattern since 1933. The technology sector is likely next, especially with potential investigations that could be detrimental.”

Despite being a proponent of tariffs against America’s trading partners, Cramer expressed disappointment at the current handling of the situation. He has long advocated for fair trade policies, arguing that American companies face undue restrictions in international markets. However, he lamented, “We can go further into how poorly we’ve handled this situation. I find it very disappointing for those of us who favor fair trade and tariffs. We are still grappling with the specifics of what’s being done. The mismanagement of this situation is quite extraordinary.”

During the show, Cramer’s commentary took a more alarming turn as he speculated on the selloffs over the past week. He drew parallels to historical market crashes, detailing the drastic declines in the Dow Jones Industrial Average on specific dates. He stated, “On Wednesday, October 14th, the Dow was down 3.8%. The following day saw a 2.4% drop, followed by a staggering 4.6% decline on Friday. If Monday continues in the same vein, we could witness a monumental drop akin to the infamous Black Monday of 1987, where the market could plunge 22.6%. Unless we see a significant change in direction from the President, we are heading toward a financial crisis.”

Cramer elaborated that such declines could echo those of historical downturns, referencing the catastrophic market events of April 2000 and March 2020. He pointed out the swift shift from tech stocks to more stable investments like those in the pharmaceutical sector and consumer staples, stating, “I was hoping for a more favorable turn, but I can only compare it to the worst declines. The trend of moving out of tech and into companies like Bristol Myers and Coca-Cola is reminiscent of past crises, although it may not be immediately successful.”

Cramer’s co-host, Carl Quintanilla, shared in the disbelief, prompting a critical question about whether Cramer was indeed warning of an impending market crash. Cramer responded candidly, stating, “If you attempted to bottom fish on Thursday or Friday during the 1987 crash, you would have been in deep trouble come Monday.” This stark warning underscores the gravity of the current financial climate and suggests that investors should remain vigilant as further developments unfold.