FILE PHOTO: Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital LP., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. REUTERS/Brendan McDermid

(Reuters) - Jeffrey Gundlach, chief executive officer at DoubleLine Capital, said on CNBC on Tuesday that he sees a better than 50% chance that new tariffs will happen.

Wall Street’s main indexes tumbled more than 1 percent on Tuesday, as the latest turn in trade negotiations with China stoked global growth worries and kept investors away from risky assets.

“I think we are going to keep seeing more tension,” said Gundlach. “I think the 25% tariff bump is better than 50% chance. The market obviously does not want to see increased tariffs, so it’s been kind of reacting to that.”

Asked if he believes U.S. stocks are in a bear market: “Of course we are,” Gundlach said. The U.S. stock market “has gone nowhere in 15 months.”

DoubleLine Capital oversees more than $130 billion in assets under management.