US big banks slump on Trump's tariffs

Shares of big U.S. banks fall premarket 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 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 3.2%, Bank of America BAC.N down 3% and Citigroup C.N down 3.4%

Goldman Sachs GS.N sheds 4%, Morgan Stanley falls MS.N 4.1% while Wells Fargo WFC.N down 4%

Big banks begin reporting their quarterly results next week