The chief executive of the largest asset management company has warned that US is either in a recession or “we’re very close.”
BlackRock Chief Executive Larry Fink warned there is a lot of uncertainty across global markets amid the US President’s tariffs which sent stock markets tumbling.
Donald Trump has since announced a 90 day pause on the tariffs to help stabilise stock markets.
Trump has insisted the sweeping tariffs will make the US wealthier, but Fink has warned there is an “elevated uncertainty.”
Speaking to CNBC Fink was asked if America will see negative growth, the BlackRock chief warned, “I think we’re very close if not in a recession now… I think all the uncertainty is making everyone pause. Everyone is waiting to see.
“I think you’re going to see, across the board, just a slowdown until we have more certainty. We now have a 90-day pause of the reciprocal tariffs, that means longer, more elevated uncertainty.”
Last week Wall Street saw heavy losses and some gains amid the fast-moving tariffs war, which could trigger an economic slowdown.
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