U.S. stocks are expensive no matter how you slice is, says Oxford Economics, and could “come under pressure as geopolitical tensions escalate.” This according to a recent article in Bloomberg.

“American shares are as much as 16% overvalued at present levels, and a short position on the S&P 500 Index looks increasingly favorable,” said strategist Daniel Grosvenor in recent report, adding that low bond yields are not sufficient to bolster equity prices. He wrote, “The threat of renewed tariffs adds clear downside risks to already-depressed global trade, and this could derail the eventual earnings recovery.”

The article notes that despite warnings about valuations, investors continue to push up stock prices. According to Grosvenor, “The S&P 500 is expensive versus history on almost all the measures we consider.”