Wall Street’s rule of thumb for President Donald Trump had been that he would curb his aggressive trade policies if markets tanked or the economy began to falter. No more.

With U.S. financial markets poised for another potential selloff and Trump remaining defiant about his sweeping tariffs, JPMorgan Chase CEO Jamie Dimon on Monday cautioned investors that the trade wars could threaten economic alliances that have made the U.S. the world’s most powerful country. Goldman Sachs Chief Economist Jan Hatzius bumped up the odds of a U.S. recession to 45 percent. And even Bill Ackman — the hedge fund billionaire and one of Trump’s biggest Wall Street cheerleaders — warned that the president’s ability to navigate the trade battle will be weakened if markets continue to crater.

“It does not help our country’s and our president’s negotiating position to be trying to strike deals while our market is collapsing,” Ackman posted on X on Sunday night as futures markets cratered. “Whoever is recommending that idea to President @realDonaldTrump should be fired right now.”