Blackstone, Inc. (NYSE:BX) president Jonathan Gray cautioned on Thursday that ongoing uncertainty around President Donald Trump's tariff policies heightens the risk of a recession.
What To Know: Gray, who oversees daily operations at the investment giant, warned that the longer global tariff uncertainty persists, the greater the chance for market disorder and unintended consequences throughout the financial system.
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"I would expect an economic slowdown. How significant the economic slowdown is will be directly correlated to the length of the tariff diplomacy," Gray said, according to a Financial Times report.
"The recession risk is directly tied to the length of the uncertainty," the Blackstone president said, adding that a quick resolution to trade negotiations would be "positive for the economy and markets."
Gray's comments align with other financial leaders who have called for swift resolution to trade disputes, warning that prolonged uncertainty could undermine confidence and growth. JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon recently predicted a recession as a “likely outcome” due to the tariffs and said the resulting economic uncertainty could have lasting negative consequences.
“Take a deep breath, negotiate some trade deals," Dimon urged the Trump administration last week. "It could get worse if we don’t make progress."
Despite the turbulence, Blackstone reported strong first-quarter financial results on Thursday morning with inflows reaching $62 billion, the highest level in three years.
Blackstone CEO Stephen A. Schwarzman implied, in prepared remarks included with the earnings release, that the firm was prepared to take advantage of the current market volatility.
"We are well positioned to navigate the current environment with $177 billion of dry powder to deploy and a resilient, capital-light business model," Schwarzman said.
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