"We'll probably go down to new lows, even when Trump dials back China to 50%," Jones told CNBC's "Squawk Box." The widely followed investor's bearish comments came after Trump's rollout of the highest levies on imports in generations shocked the world last month,

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.