BlackRock (BLK) Chief Executive Larry Fink said protectionism is rising, fueled by a growing wealth divide.

Fink's letter comings on the on the heels of a slew of tariffs levied by President Donald Trump on different imports and planned taxes on Wednesday which he called "Liberation Day."

He wrote in his letter that many countries now have two opposing economies: one where wealth keeps growing and another where hardship increases. This divide has changed politics and policies.

"Protectionism has returned with force. The unspoken assumption is that capitalism didn't work and it's time to try something new," Fink said.

BlackRock recently struck a deal with Hong Kong's CK Hutchinson for ports on Panama Canal, which was praised by Trump. However, Fink was not high praises for protectionism without measures.

He added in the letter that offering more investors access to private markets could help address this issue. He said the solution is to "democratize" markets and give current investors access to the market they were not privy to and allow more people to become investors.

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