The head of the world’s largest asset manager has warned the US may already be in recession amid Donald Trump’s escalating trade war with China.

BlackRock boss Larry Fink warned economies faced a slowdown until there was more certainty, hours after China announced it was ramping up tariffs on American goods to 125pc.

Financial markets have ended the week in turmoil with the dollar falling and US borrowing costs rising amid concerns about the health of the US economy.

“I think we’re very close, if not in, a recession now,” Mr Fink told CNBC.

“I think you’re going to see, across the board, just a slowdown until there’s more certainty.

“And we now have a 90-day on the reciprocal tariffs — that means longer, more elevated uncertainty.”

Read Full Article Here