Larry Fink, chief executive of world’s largest asset management firm, BlackRock, says that trade wars pose a looming threat for Wall Street, despite a recent run-up in US equity benchmarks, joining a number of high-profile investors to warn of the potential for trade concerns to hurt the market.

Speaking during a Monday interview on Bloomberg, Fink said the stocks could drop between 10% and 15% should President Donald Trump follow through with a promise to impose a further $200 billion in levies of 10% on China imports.