Rogers Holdings Chair and legendary investor Jim Rogers is back with his latest warning that the next bear market is going to be “horrible, compounded by too much debt and a trade war.”

The U.S. stock market is still in the midst of the longest bull market run in history, but that run will be short-lived from here on out, Rogers warned in a recent interview with Kitco News.

“Later, this year or next year when the economies around the world are getting bad, Mr. Trump is going to blame everything on the foreigners, the Chinese, the Germans, the Japanese, everybody, and then the trade war will come back and then it’s all over,” Rogers said.

Rogers added that trade war tensions could continue to rise — and a new fight is brewing with France — and Trump will continue to push forward because he desperately wants a win on this front due to how easy he’s said trade wars are to win, dubbing himself a “Tariff Man.”

“Mr. Trump is going to come back. Mr. Trump believes in his soul and his brain that trade wars are good and that he can win trade wars,” he said. “Mr. Trump knows that he is smarter than everybody else so he knows that he can win a trade war, and it will come back strong. When the American economy gets bad eventually, he’s going to blame it on trade and the trade war and it’s going to be terrible.”

Rogers on recessions

Rogers went on to speak briefly on recessions and how it generally takes a number of failures on several fronts to really kick one off.

“The way these things have always worked, in 2007, Iceland went bankrupt, and most people had no clue about that and didn’t know or care, and then later though, Ireland went bankrupt. Few more people noticed. A little while later after that, Bear Stearns went bankrupt. A few more people started noticing. A few weeks later, Northern Rock went bankrupt, then people started catching on. Eventually, Lehman Bros. went bankrupt and by then it was on the evening news all over the world.”