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The probability of US raising import tariffs on Chinese goods to 25% from the current 10% is higher than 50%, DoubleLine CEO Jeffrey Gundlach told CNBC on Tuesday.  

Key quotes

“Both the premier of China and the president of the United States want to come across that they prevailed and didn’t give in. I think you’ve got an irresistible force meeting an immovable object.”

“The market obviously doesn’t want increased tariffs, so it’s been kind of reacting to that.”

“Believes the US stocks are in a bear market a the NYSE composite index has fallen over 20% and has failed to return to its high.”