(Reuters) -BlackRock ( BLK ) CEO Larry Fink said stock markets could extend their decline by 20% as the U.S. imposes steep tariffs, noting views among his peers that the economy is probably already in contraction.

"Most CEOs I talk to would say we are probably in a recession right now," Fink told the Economic Club of New York on Monday. The tariffs are poised to make many items more expensive in an economy already facing worker shortages, meaning there is more inflationary pressure than markets expect.

Still, the leader of the world's largest asset manager said recent stock market weakness was "more of a buying opportunity than a selling opportunity," in the long run, and did not pose systemic risks. "That doesn't mean we can't fall another 20% from here too," he said.

Fink was among the first Wall Street executives to weigh in publicly on the market meltdown after U.S. President Donald Trump announced major tariffs last week. On Monday, Trump threatened another 50% tariff on Chinese imports, pushing the S&P 500 toward a 20% drop from its February high.

While Fink declined to discuss the administration's pressure on law firms, he expressed concern that the U.S. could lose its place as the leader of capital markets.

Fink said he sees no chance that the Federal Reserve would cut interest rates four or five times this year given the inflation outlook.

BlackRock ( BLK ) could face nine more months of regulatory review to close a deal with Hong Kong-based CK Hutchison that for control of important ports near the Panama Canal, Fink said. The transaction was driven by commercial interests, rather than geopolitical considerations, said Fink, who said he discussed the deal with U.S. policy makers.