Billionaire investor Ray Dalio, founder of Bridgewater Associates, said that he sees the tension between the U.S and China as more than a trade war, adding that more stringent export controls could trigger a major escalation. This according to a recent article in Bloomberg.

Using the example of Huawei Technologies Co., Dalio wrote in a recent LinkedIn post that the U.S. move to shut off supply to the company represents a step in “weaponizing” export controls, the article says, adding that China said it might retaliate by not selling rare metals to the U.S.—which are critical components for mobile phones and magnets.

Dalio wrote: “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. Right now, we are seeing brinksmanship negotiations, so it is a risky time.”