Billionaire philanthropist Gates is one of many high-profile entrepreneurs who has sat down with the Republican politician since Trump won the Oval Office, but seems not to be in the select few that the president listens to.

Gates has been gently critical of some of President Trump’s actions, such as the formation of the Department of Government Efficiency (DOGE) and the associated cuts to foreign aid spending.

The man, worth $113 billion, per Forbes, said this weekend that he is also concerned about the president’s headline tariff policy.

Speaking prior to the announcement of a 90-day pause on economic sanctions between the U.S. and China, Gates—who recently told Fortune he is donating “virtually all” of his wealth to his eponymous foundation—said his “big concern” was economic uncertainty.

This view has previously been shared by JPMorgan CEO Jamie Dimon, who said companies might begin changing their behavior as a result of White House foreign policy.

Gates agrees, telling CNN in an interview: “The big concern I have is we’ve created a lot of uncertainty. If you’re going to build a new factory, you need to understand the politics for the next 20 years, not just the next two days or even four years.”

The issue is compounded by longer-term question marks hanging over the labor market, he added: “And so the notion of, ‘Ok, what is the structure?’ particularly in a time of AI where the labor substitution—both white and blue collar—is going to start to change the economy.

“I think it’s a bad time to interject so much uncertainty … this is not an agreed set of things or a carefully discussed set of things. What’s going to happen with pharmaceuticals or electronics? I open the paper every day wondering.

“I do worry that uncertainty means investments don’t take place.”

The extent to which AI will disrupt the labor market depends on who you ask. Some people suspect roles will be outright replaced by AI, while others say jobs will be supported by such technologies.

A Pew Research study published in February found 52% of more than 5,000 staffers were worried about the impact AI would have on their roles while only 29% said they were excited.

Those on the lower and middle-income end of the spectrum were also more likely to say they believed their prospects were more likely to be reduced because of AI, with nearly one in four saying they expect fewer opportunities.

Economic outlook

Gates said his view is that the American economy is generally resilient, but his concern is for citizens of countries that can’t say the same.

Last week, Gates confirmed to Fortune that he would be making the largest philanthropic commitment in modern history via the Gates Foundation, with the caveat that the $200 billion budget (including current endowment and projected growth) will be spent in the next 20 years.

The donation will double the speed of the foundation’s work to cure preventable diseases suffered by poor nations worldwide.

“For me, it’s about the cutting edge and saying, ‘Can the U.S. stay in the lead?'” Gates added. “And, I do think being friendly to other countries so … they don’t think we’re going to withdraw our technology in some sudden way.”

“There were gigantic tariffs on very poor African countries and I don’t see what the benefit of that would have been. I’m particularly focused on our role in lifting up those in greatest need and the potential tariffs would have been particularly bad for these poor countries,” Gates continued.

Examples of this may include countries like Lesotho which—prior to Trump’s 90-day pause on ‘Liberation Day’ tariffs—was facing a new rate of 50% and Malawi which was facing a rate of 17%.