AN American billionaire shared his shocking opinion about the state of the US.
The CEO warned that the economy may already be threatened.
Discourse around the Trump Administration’s new tariff policy has sparked fears of an economic crash as the markets plummet and the US dollar has weakened to a three-year low.
The economic slowdown has caused a massive sell-off in the stock market.
The market downturn carried into this week, impacting Americans’ investments and retirement funds and fueling growing concerns.
Even Larry Fink – billionaire CEO of BlackRock – has expressed his concerns.
“I think we’re very close, if not in, a recession now,” Fink said on the CNBC program Squawk on the Street.
Trump announced on Wednesday that some of the tariffs would be paused for 90 days.
Fink, however, believes that this act of damage control won’t be enough to rebuild confidence.
“I think you’re going to see, across the board, just a slowdown until there’s more certainty,” Fink said Friday.
“And now we have a 90-day pause on the reciprocal tariffs – that means longer, more elevated uncertainty.”
Recent surveys show that both consumers and business leaders have grown more pessimistic in recent months.
Still, other indicators – like job gains and retail sales – have remained relatively strong.
Fink suggested that some of this newfound strength may be temporary.
Consumers could be buying in anticipation of looming tariffs, which could potentially hide deeper economic issues, according to Fink.
Despite his worries, Fink said he doesn’t believe the US is in a financial crisis.
He expects major economic trends, such as the growth of artificial intelligence, to continue.
Speaking at an event for the Economic Club of New York on Monday, Fink added that many other CEOs believe the U.S. is “probably in a recession.”
These remarks follow BlackRock’s announcement of its Q1 earnings.
“Uncertainty and anxiety about the future of markets and the economy are dominating client conversations,” Fink said in a press release.
“We’ve seen periods like this before when there were large, structural shifts in policy and markets – like the financial crisis, Covid, and surging inflation in 2022.”
The investment firm’s stock saw a modest increase of under 1% during morning trading.
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