Are The United States Already In A Recession? A Worrying Admission From BlackRock’s CEO

Larry Fink, at the helm of the world’s largest asset manager, BlackRock, believes that the American economy may already have entered a recession, largely due to the impact of Donald Trump’s tariff policies.

BlackRock warns of an invisible recession threatening the global economy

Larry Fink clearly expressed his concerns during an interview with CNBC last Friday. “I think we are very close, if not already in a recession“, stated bluntly the CEO of BlackRock.

This claim comes amid a context of significant instability following Trump’s imposition of a flat 10% import tax on all goods entering the United States.

The leader added that the 90-day moratorium on certain reciprocal tariffs is merely prolonging a period of harmful uncertainty for the economy. This situation is prompting BlackRock to intensify its engagements with clients around the world, seeking to reassure them in this tense economic climate.

The recent escalation of trade tensions with China further exacerbates the situation. Last Wednesday, Trump announced that he would raise tariffs on Chinese products to 125%, in addition to the 20% already applied earlier this year. Beijing immediately retaliated by imposing its own equivalent tariffs.

A global destabilizer at the root of an avoidable crisis

In light of this situation, BlackRock is intensifying its efforts to reassure and support its clients. “We are dedicating more time and communication with a greater number of clients around the world than ever before“, explained Fink.

The asset management giant is thus trying to navigate through an increasingly uncertain economic environment.

Despite these turbulences, BlackRock continues to grow its activities in the cryptocurrency sector. The group attracted $3 billion in its crypto-related products in the first quarter of 2025, now representing 0.5% of its total assets with $50.3 billion.

For Fink, the current situation represents a concerning turning point:

This is not a pandemic. This is not a financial crisis. This is something we created. The United States, after World War II, was a global stabilizer. We are now the global destabilizer.

The looming crisis could have major repercussions on the global economy, already weakened by the geopolitical and trade tensions intensifying between major economic powers.