"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.

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, even if President Donald Trump dials back tariffs on Chinese imports.