BlackRock CEO Larry Fink warned on Monday that most chief executives would say the U.S. economy is currently in a recession. Why it matters: Fink, who has extensive CEO contacts as head of the world's largest asset manager, is the latest billionaire to acknowledge the risks of economic turmoil from President Trump's trade wars.

The asset management executive spoke to CNBC's "Squawk Box" about the state of the economy, which has been rattled by tariffs from the Trump administration.