BlackRock’s Fink said stock slide could continue amid recession, trade war fears

Blackrock CEO Larry Fink said the stock market may see a decrease in another 20 % deepening amid uncertainty about President Donald Trump’s tariff and that executives tell him that they believe that the American economy is likely to be in a stagnation.

“Most of the CEOs I am talking to say we are likely to be in a stagnation at the present time,” Fink told New York Economic Club on Monday. The customs tariff is expected to make a wide range of products more expensive, which exacerbates inflationary pressures that have been fixed in recent months.

Despite the disturbances on the market, Fink said the weakness creates a long -term buying opportunity despite the possibility of more declines.

“I would like to say in the long run, this is the opportunity to buy more than the opportunity to sell. This does not mean that we cannot decrease by 20 % of here as well,” Fink said.

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Larry Fing, CEO of Blackrock, said that CEOs are talking about the belief that the United States has already entered into a recession. (Hollie Adams / Bloomberg via Getty Images / Getty Images)

“The economy weakens while talking,” Fink said, adding that he sees the economy more slowing in the coming months with high inflation.

Looking at his concerns about inflation, Fink said he did not see any chance because the federal reserve will reduce interest rates four or five times this year due to inflation expectations, which may be more challenging with the ease of definitions and the decline in foreign governments.

The Trump tariff declaration on April 2 caused a decrease in markets in the days after this, as the Dow Jones, S&P 500 and NASDAQ fell by more than 9 % on the past five trading days and more than 10 % during the past month.

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Blackrock made an attempt to buy two ports on the Panama channel from its Hong Kong company. (Justin Sullivan / Getty Emokires / Getty Emoz)

Fink also discussed Blackrock’s attempt to buy a pair of ports on the Panama channel along with dozens of other global ports from the Hong Kong -based CK Hong.

He said that the deal is facing the other nine months of organizational review from the Chinese government, which was criticizing the deal, which would witness that Blackrock gets ports in Poa and Crystobal in the Panama channel in addition to 43 outlets in 23 other countries.

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The value of the deal is 22.8 billion dollars, and companies have confirmed that the deal was purely commercial by its nature, amid geopolitical concerns about China’s investments in the facilities about the Panama channel.

Reuters contributed to this report.