(Bloomberg) -- Ray Dalio, the billionaire founder of investment management firm Bridgewater Associates, said Wednesday that he viewed the U.S.-China conflict as more than a “trade war” and that increasing export controls would be a major escalation.
Dalio said in a LinkedIn post that the U.S. shutting off supplies to Huawei Technologies Co. amounts to a step in “weaponizing” export controls. After the move, China indicated that it might respond by not selling rare metals, a critical import that American companies need for mobile phones, magnets and other products, to the U.S.
“History shows that countries in conflict have seen that such conflicts can easily slip beyond their control and become terrible wars that all parties, including the leaders who got their countries into them, deeply regretted,” Dalio wrote. “Right now we are seeing brinksmanship negotiations, so it is a risky time.”
Read More: Americans in Poll Reject Trump's Claim That China Pays Tariffs
To contact the reporter on this story: Nathan Crooks in Miami at ncrooks@bloomberg.net
To contact the editors responsible for this story: Sebastian Tong at stong41@bloomberg.net, Vincent Bielski
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