Peter Schiff has been saying that this is a bear market for a few weeks now, and it looks like president Donald Trump may have just gotten the same memo.

While Trump said some investors may feel some “short-term pain” in the market, but Schiff says it’s actually going to be long-term pain.

According to Seeking Alpha, Trump says any short-term market pains will all be worth it because we will get long-term gain, referring to the benefits we’ll reap when we win the trade war. In his most recent podcast, Peter said that’s not at all how it’s going to play out, though.

via Nobody Is Prepared For The Long-Term Economic Pain That’s Coming