BUZZ-US big banks drop amid global selloff sparked by Trump tariffs

Shares of U.S. big banks slide in premarket trading, joining a global selloff sparked by President Donald Trump's announcement of tariffs on goods from Canada, Mexico and China and consequent retaliation

Shares of JPMorgan Chase JPM.N fall 1.7%, Bank of America BAC.N slides 1.4%, and Citigroup C.N drops 1.9%

Wells Fargo WFC.N, Morgan Stanley MS.N and Goldman Sachs GS.N all slide a little over 2%

The tariffs, that were announced on Saturday demanding a check on the flow of fentanyl and illegal immigrants in the case of Canada and Mexico - into the United States, signal the beginning of a trade war that could dent global growth and reignite inflation

In three executive orders, the United States imposed 25% tariffs on Mexican and most Canadian imports and a further 10% on goods from China, starting on Tuesday

Mexico and Canada immediately vowed retaliatory tariffs, while China said it would challenge Trump's move at the World Trade Organization and take other "countermeasures"