April 7 (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.