BlackRock’s Larry Fink Says US Very Close To Recession: Believes 90-Day Pause On Tariffs Means Longer, Elevated Uncertainty

BlackRock CEO Larry Fink said on Friday that the U.S. is very close to a recession and that the 90-day pause in retaliatory tariffs has created elevated uncertainty.

“I think we’re very close, if not in, a recession now,” Fink told CNBC.

“I think you’re going to see, across the board, just a slowdown until there’s more certainty. And we now have a 90-day on the reciprocal tariffs — that means longer, more elevated uncertainty,” he said.

Equity markets worldwide have witnessed significant volatility in recent weeks following the Trump administration’s tariff actions. China’s defiance and countermeasures have also added to the uncertainty.

Economists and market experts have opined in recent weeks that the tariffs would likely lead to pricing pressures in the coming times, making the Federal Reserve’s job of managing the monetary policy a lot harder.

Meanwhile, BlackRock reported its first-quarter earnings on Friday. The world’s largest asset manager reported a 12% rise in revenues year-over-year to $5.28 billion compared to a Street estimate of $5.31 billion.

Assets under management (AUM) rose 11% to $11.58 trillion, with $84 billion of total net inflows during the quarter.

Adjusted earnings per share (EPS) stood at $11.30 compared to an analyst estimate of $10.13.

Fink said in a prepared statement in the earnings report that uncertainty and anxiety about the future of markets and the economy are dominating client conversations.

“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,” he said.

BLK shares have lost over 15% in 2025 but have gained over 9% in the past 12 months.

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