That’s Paul Tudor Jones, the billionaire hedge-fund founder, sharing his outlook for the U.S. stock market during an interview with CNBC on Tuesday. The upshot? U.S. stocks are likely going lower before the end of the year,

Billionaire hedge fund manager Paul Tudor Jones believes the U.S. economy is either in or near recession. He also expects stocks to fall to new lows this year, but he has made similar predictions multiple times in recent years and been dead wrong.

Paul Tudor Jones (Trades, Portfolio) isn't mincing words. The legendary hedge fund manager just told CNBC that even if President Trump cuts China tariffs by 50%, that alone won't be enough to stop the bleeding in the stock market.