Billionaire investor Ken Griffin cautioned that President-elect Donald Trump’s proposed tariffs could lead the U.S. down a dangerous path toward crony capitalism, jeopardizing long-term economic competitiveness, CNBC reported.

Speaking Thursday at the Economic Club of New York, the Citadel founder and CEO expressed concerns about the protectionist trade policies central to Trump’s economic agenda.

“I am gravely concerned that the rise of tariffs puts us on a slippery slope towards crony capitalism,” Griffin said. He noted that while some domestic companies might benefit in the short term by seeing foreign competitors removed, the long-term effects would likely weaken corporate America and harm economic productivity.

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