President Donald Trump's trade policies pose the greatest threat to global economic growth, according to the vice chairman of the world's largest money manager.

In an interview Tuesday, BlackRock's Philipp Hildebrand also described the Federal Reserve's current pace of credit tightening as "healthy" and "necessary."

The U.S. central bank, which began tightening monetary policy in 2015, has raised rates twice this year and is widely expected to do so again this month and in December.

A number of emerging market countries, including Argentina, Turkey and Brazil, are feeling the impact as the Fed's monetary policy has boosted the dollar.

When asked whether he believed Trump posed a bigger threat to the global economy than Fed Chairman Jerome Powell, Hildebrand replied: "I would say the policies that are embraced by the U.S. administration around trade represent the biggest risk today to the global economy."

He added that the "overarching difference" for the Federal Reserve's current monetary strategy is the impact of the U.S.-China trade war.