Trump's new tariff on China is 'more of an embargo,' Jim Cramer says

1. Trump's new tariff on China is effectively an embargo, Cramer claims. 2. S&P 500 dropped 3.46% due to renewed trade anxiety. 3. Cramer highlights U.S. reliance on cheap Chinese imports across several industries. 4. U.S. businesses will face disruptions and inflation from the tariffs, he warns. 5. Alternative sources for Chinese products are unrealistic in the short term.