US big banks slump on Trump's tariff announcement

Shares of big U.S. banks fall in early trading after President Trump said on Wednesday he would impose a 10% baseline tariff on all imports to the U.S. and higher duties on dozens of other countries

The tariffs appeared to target about 60 countries - base 10% tariffs go into effect on April 5 and the higher reciprocal rates on April 9

Investment banks are expected to take a hit as tariff-driven uncertainty dampens dealmaking and capital markets activity, while lower consumer confidence could also curb spending and dampen loan demand

JPMorgan Chase JPM.N falls 5%, Bank of America BAC.N down 8.5% and Citigroup C.N down 8.2%

Goldman Sachs GS.N sheds 7.4%, Morgan Stanley falls MS.N 8.5% and Wells Fargo WFC.N down 6.1%

Big banks begin reporting their quarterly results next week