Billionaire hedge-fund founder Ray Dalio speaks after a meeting in Washington last month. (Daniel Heuer/Bloomberg News)

Bridgewater Associates founder Ray Dalio said he is “very concerned” about the practicalities of President Trump’s tariff plans, despite agreeing the U.S. has a problem regarding manufacturing.

In a TV interview early Tuesday, the hedge-fund founder was asked what he would say regarding tariffs to President Trump or Treasury Secretary Scott Bessent if they were watching the program. “I agree with the problem [but] I am very concerned about the solution—the practicality of the solution,” he replied.

The billionaire said he thinks Trump’s current plan will see companies costs go up and revenue go down. “I also think that this is going to create great sand in the gears of production worldwide,” he told CNBC.