U.S. stocks are likely going lower before the end of the year, even if President Donald Trump dials back tariffs on Chinese imports. “For me, it’s pretty clear. You have Trump, who’s locked in on tariffs.

The S&P 500 retesting its recent low would imply a 10% drop from current levels. The famed investor said tariffs and the Fed are the biggest market risks.

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.