BlackRock, the world’s largest money manager, predicts U.S. economic growth may dwindle to less than 2% this year as President Trump’s global trade conflicts drive up prices and curb corporate investment.

The warning from the Wall Street firm, which handles $6.5 trillion in assets, follows a truce between Washington and Beijing in which Trump agreed to refrain from further tariffs on Chinese imports while the two nations try to negotiate a trade agreement. Previously imposed duties of 25% on $250 billion of Chinese goods remain in effect, and the White House has threatened levies on automobile imports while expressing irritation with Vietnam.