Larry Fink, the CEO of BlackRock, expressed concerns to investors about the resurgence of protectionist policies shortly before new tariffs are expected to be imposed by U.S. President Donald Trump. Fink highlighted in his annual letter to shareholders that there is an increasing wealth gap leading to disparities in prosperity among individuals, resulting in a rise in protectionism. Although not directly mentioning Trump, Fink emphasized the adverse effects of these policies. Trump is set to unveil a significant tariff plan termed "Liberation Day" and has already imposed tariffs on various goods. Fink observed heightened economic anxiety among clients and leaders, attributing it to the prevailing economic uncertainties. To address these issues, Fink suggested democratizing markets to enable more consumers to access investment opportunities in private markets like infrastructure and private credit, areas where BlackRock has recently expanded. While BlackRock has traditionally focused on passive index-tracking funds, it has diversified by acquiring firms specializing in private assets. Fink pointed out that private assets pose unique challenges for retail investors due to their limited liquidity and opaque pricing compared to publicly traded securities.