By Tatiana Bautzer and Ross Kerber

(Reuters) – BlackRock (BLK) CEO Larry Fink on Monday said stock markets could extend their decline by 20% as the U.S. imposes steep tariffs, noting the economy is probably already in a recession.

Speaking at the Economic Club of New York, Fink expressed worry that there is much more inflationary pressure than the market expects.

But the leader of the world’s largest asset manager said the recent market declines are “more of a buying opportunity than a selling opportunity,” in the long run, and did not pose systemic risks.

(Reporting by Ross Kerber and Tatiana Bautzer, editing by Lananh Nguyen)