Legendary investor Stanley Druckenmiller has moved heavily into Treasury bonds, a “sign of his downbeat view in the wake of the Trump administration’s escalation of the trade war with China.” This according to an article in Chief Investment Officer.

The article reports that Druckenmiller reallocated his assets after President Trump tweeted in early May that Washington was hiking tariffs on Chinese goods to 25% from 10% because of what he termed bad faith from China’s negotiators.

During an interview at the Economic Club of New York, Druckenmiller said, “When the Trump tweet went out, I went from 93% invested to net flat, and bought a bunch of Treasuries. Not because I’m trying to make money, I just don’t want to play in this environment.” He expressed doubt that Trump would give any concessions in negotiations with the Chinese because he believes the president sees his position as a winning strategy for reelection in 2020.