Global investment boss's 7-word verdict on Trump market chaos with terrifying prediction

A global investment boss has delivered a shattering verdict on the market chaos unleased by 's trade tariffs. BlackRock Chief Executive Officer Larry Fink, 72, said a majority of his fellow CEOs think the United States is already in a recession.

In just seven words, Mr Fink, 72, said on Monday (April 7): "The economy is weakening as we speak." He told Bloomberg stock markets could fall even further as Mr Trump's trade policies upend the global economy. Trillions of dollars in value were wiped from global equity markets after Mr Trump announced sweeping tariffs last Wednesday (April 2). .

The S&P 500 was down 1.4% in midday trading. The Dow Jones Industrial Average was down 744 points, or 1.9%, as of noon Eastern US time, and the Nasdaq composite was 1.1% lower.

Mr Fink, on airline executives he has spoken to, said: "Most CEOs I talk to would say we are probably in a recession right now." He warned inflation would likely rise and cast doubt on the US Federal Reserve cutting its main rate multiple times this year, according to . BlackRock's boss also warned stock markets could extend their decline by 20%, describing what has been happening on global stock exchanges as more of a buying than a selling opportunity.

His comments come after global investment bank Goldman Sachs said a recession has become more likely even if Mr Trump retreats from his trade policies. The US President appeared to double down on his tariffs policy this afternoon, after matching those imposed by Mr Trump.

Goldman Sachs also reduced its expectations for economic growth after a "sharp" tightening in financial conditions, foreign consumer boycotts and a continued spike in policy "uncertainty", which it said is likely to depress capital spending by more than the bank had assumed.

JPMorgan Chase Chief Exec Jamie Dimon said the Trump administration's trade policies would likely result in higher prices for both imported and domestic goods and services in the United States, weighing on an already slowing US economy.

In his annual letter to shareholders, Mr Dimon said the US economy already faced a number of challenges, including sticky inflation, geopolitical tensions, high interest rates and high fiscal deficits. He also said many stocks in the market have been priced too high.

The outspoken CEO wrote: "Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth". He added: "I still have an abiding faith in America".

Meanwhile, the dispute over tariffs has caused some fracturing within Mr Trump's political coalition. Hedge fund manager Bill Ackman said against the whole world at once" and urged him to "call a time out". He posted on X: "We are heading for a self-induced, economic nuclear winter".

Top White House economic adviser Kevin Hassett told Fox News this morning that Mr Ackman should "ease off the rhetoric a little bit". Mr Hassett said critics were exaggerating the impact of trade disputes and talk of an economic nuclear winter was completely irresponsible rhetoric.

The US President, posting on his Truth Social platform, wrote in response to the economic turmoil: "The United States has a chance to do something that should have been done DECADES AGO.

"Don't be Weak! Don't be Stupid! Don't be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!"