BlackRocks Larry Fink says most CEOs he talks to think US is in a recession as markets roiled by Trump tariffs

BlackRock CEO Larry Fink said stock markets could extend their decline by 20% as the US imposes steep tariffs, citing worries across Wall Street that the economy is probably already in contraction.Fink joined a chorus of prominent voices in the business community raising concerns that the US economy may already be slipping into a recession — a downturn directly linked to President Trump’s controversial trade policies.“Most CEOs I talk to would say we are probably in a recession right now,” Fink, who heads the world’s largest asset manager, stated bluntly during an event at the Economic Club of New York on Monday.He said recent stock market weakness was “more of a buying opportunity than a selling opportunity,” in the long run, and did not pose systemic risks.“That doesn’t mean we can’t fall another 20% from here too,” Fink said.Fink’s comments underscore growing alarm among top executives after Trump’s sweeping announcement of new tariffs last week triggered panic across global markets, sending the S&P 500 down 10% in just two trading sessions.The magnitude of the market reaction reflects widespread investor anxiety and confusion over the future direction of US trade policy.A recession is a period of significant decline in economic activity that lasts for more than a few months.

It’s typically recognized by a drop in key indicators such as gross domestic product (GDP), employment, consumer spending and business investment.While a common rule of thumb is two consecutive quarters of negative GDP growth, economists and organizations like the National Bureau of Economic Research (NBER) look at a broader set of data to officially declare a recession.Stay up on the very latest with Evening Update.

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