US banks slide as Trump's tariffs ignite trade war worries

Shares of Wall Street's major banks drop in premarket trading, tracking a broader decline in equities

JPMorgan Chase JPM.N, Goldman Sachs GS.N, Morgan Stanley MS.N, Bank of America BAC.N and Citigroup C.N are down; Citi leads the declines with 1.5% fall

U.S. President Donald Trump's new 25% tariffs on imports from Mexico and Canada takes effect on Tuesday, along with doubling of duties on Chinese goods to 20%

Investors are worried that an increase in surcharges will fan inflation pressures, which may also impact the Federal Reserve's rate cuts in 2025

S&P 500 Banks .SPXBK index up 6.2% YTD