BlackRock CEO, opens new tab Larry Fink says tens of trillions of dollars of financial firepower is sitting idle in cash amid trade war worries and uncertainty over the United States economy, whose deficits are beginning to spook investors.

“There is 12 trillion euros sitting in bank accounts in Europe. In the United States, there’s $11 trillion sitting in money markets funds. When there is uncertainty, you are going to keep more and more money in cash and that is what we witnessed,” Fink told.

Fink said many global investors were still overweight on the U.S. despite market ructions caused by Trump’s proposed revamp of global trade ties. A “modest reallocation” away from U.S. assets had benefited Europe and stoked increasing investor interest in the Gulf region, India and Japan, he said.

But continued confidence was not guaranteed, with another 90 days of volatility in prospect following Trump’s latest trade tariff hiatus with rival economic superpower China.

“I think we are going to be in a period of uncertainty and we are going to start focusing on the role of deficits, which are not part of any conversations,” he told.