Paul Tudor Jones, the hedge fund legend who predicted the Black Monday stock market crash, has another dark prediction for Wall Street.

Stocks, he said Tuesday morning, will likely “go down to new lows” because of Donald Trump’s tariffs—and that’s likely to happen even if the tariffs on China are cut to 50% from their current rate of 145%.

“For me, it’s pretty clear. You have Trump who’s locked in on tariffs. You have the Fed who’s locked in on not cutting rates. That’s not good for the stock market,” Jones said on CNBC.

Jones said he expects Trump to roll back tariffs on China, but even if that happens, he expects the impact on economic growth to be substantial.

“He’ll dial it back to 50% or 40%, whatever,” Jones said. “Even when he does that…it’d be the largest tax increases since the ’60s. So you can kind of take 2%, 3% off growth.”

There is one possible step that could prevent the new lows, Jones said, but he doesn’t expect that to happen: sharp rate cuts by the Federal Reserve. While he said he believes the Fed will ultimately cut rates, it will likely come after the market has hit or is near the bottom.

“When we’re new lows, the hard day will start to follow, and it’ll probably create the Fed to move, create Trump to move. And then we’ll get some kind of reality,” Jones said.