Ray Dalio, the billionaire founder of one of the world's largest hedge funds, said on Sunday that President Donald Trump's trade war had brought the US close to recession. "I think we are at a critical decision point right now and we are very close to recession." Mr. Dalio said the situation was "extremely damaging" and that the impact of tariffs was "like throwing a stone into the production system". He also expressed concern about the possible combined impact of US debt, the US budget deficit and global political tensions.