FedEx CEO Fred Smith is 'basically implying that we're going to import' a global slowdown,' says CNBC's Jim Cramer.
"U.S. business is so dependent upon exports and trade. And when you have your two biggest trading partners kind of frozen between the NAFTA rewrite and China trade, it shouldn't be a surprise to anybody that business investment starts slowing down. And that's exactly what we're seeing," Stephenson said, adding business investment is "flashing yellow."
"I don't think we're headed to a recession, but we're definitely slowing down," Stephenson said. "You can't have that kind of slowdown in business investment and not find its way into the consumer ultimately."
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