India, May 6 -- Paul Tudor Jones has issued a chilling warning for the stock market. During an appearance on CNBC's Squawk Box, the billionaire hedge fund manager said that share prices will hit new lows even if Donald Trump reduces his tariffs on China to 50%.

"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. "We'll probably go down to new lows, even when Trump dials back China to 50%," he added.

The 70-year-old, whose net worth, according to Forbes, is $8.1 billion, went on to say, "He'll dial it back to 50% or 40%, whatever. Even when he does that ... it'd be the largest tax increases since the 60s," adding, ...