Investors should buckle up as the worst is yet to come, according to billionaire investor Leon Cooperman . The chair and CEO of the Omega Family Office believes President Donald Trump's tariffs are a "mistake" and they will tip the U.S. economy into a recession and lower interest rates in the process. "I think there's too much confidence in the system … and we're correcting that right now. It's very clear to me the president has decided the best way to get inflation, interest rates down is to take a recession," the investor said Monday on CNBC's " Squawk Box ." "I would be careful," he added. "I would sell strength in the market and only buy weakness. And I'm not really buying much weakness, because I don't really trust the environment." U.S. stock futures are pointing to another brutal day on Wall Street after Trump's rollout of shockingly high tariff rates on most key U.S. trading partners. The S & P 500 is now nearing bear market territory after a 10% two-day decline. Federal Reserve Chair Jerome Powell said Friday the central bank will not move on interest rates until it gets a clearer picture on the ultimate effects from tariffs. .SPX YTD mountain S & P 500 The widely followed investor said the bottom is not in yet per his observations. Notably, he said there has been a slew of companies reporting disappointing results and these stocks went down in reaction and have since stayed down. "What I'm looking for is companies to come out with disappointing statements. Stocks trade down and close today, unchanged or up, and that tells me that the market has discounted the negative outcome," Cooperman said. "Things are very uncertain … you got to decide how much risk you want to take. I don't want to forecast the bottom. I want to see the market bottom on its own," he said. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today's dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You'll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
