Black Rock CEO Larry Fink told CNBC on Friday that he believes the US economy has declined in the chances of growth becoming negative.
“We’re not now, but we’re very close,” Fink said in “Scoke on the street.”
Fears of a slowdown have skyrocketed since President Donald Trump announced widespread tariffs last week, triggering a stock market sale. Trump announced Wednesday that he had suspended some of those import taxes for 90 days, but the move was not enough to restore confidence in the economy, Fink said.
“I think you’ll see a slowdown all along, until it’s more certain. And we now have a 90-day suspension with mutual tariffs. That means longer, higher uncertainty,” Fink said Friday.
Research from consumers and business leaders has shown that emotions have weakened in recent months. However, other economic data such as employment growth and retail sales are better maintained. Fink said that consumers may have been storing goods prior to the threatened tariffs, but that could hide underlying economic weaknesses.
Despite his concerns, Fink said he didn’t think the US was in a financial crisis and was hoping for a “megatrend” in the economy so that artificial intelligence could last.
At a New York Economic Club event on Monday, Fink said other CEOs also thought the US was “probably in a recession.”
Fink’s latest remarks come after BlackRock released its first quarter financial results. In a press release Friday morning, the CEO commented that “uncertainty and anxiety about the future of the market and economy dominates client conversations.”
BlackRock CEO Larry Fink will talk to David Faber and Jim Kramer on the New York Stock Exchange’s “Squawk on the Street” during a morning trading in New York City on April 11, 2025.
Michael M. Santiago | Getty Images News | Getty Images
The financial results of major asset management companies were mixed. According to LSEG, BlackRock reported $11.30 in adjusted earnings per share for the first quarter. However, revenue of $5.28 billion did not reach a consensus estimate of $5.34 billion.
On the assets side, BlackRock reported a net inflow of $84 billion in the quarter, under control at nearly $11.58 trillion in March.
The company’s shares rose 2.3% on Friday.
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