US big banks slide as Trump announces reciprocal tariffs

Shares of U.S. big banks fall in extended trading after President Donald Trump announces reciprocal tariffs

Citigroup C.N down 3.6%, JPMorgan Chase JPM.N falls 3.6%, Goldman Sachs GS.N slides 4.1% and Morgan Stanley MS.N drops 4.5%

Bank of America BAC.N and Wells Fargo WFC.N down 3.6% and 4.1%, respectively

Trump says he would impose a 10% baseline tariff on all imports to the U.S. and higher duties on some of the country's biggest trading partners

Several U.S. banks may lower their profit estimates this earnings season due to weak consumer sentiment and underwhelming dealmaking activity, according to Raymond James, marking a sharp reversal from the post-election optimism that boosted markets