US card firms slide as Trump's tariffs spark spending fears

Shares of U.S. credit card firms fall in premarket trading after President Trump said on Wednesday he would impose tariffs on major geographies including China and the European Union

American Express Co down AXP.N 4.1%, Visa Inc falls V.N 2.9% and Mastercard Inc slips MA.N 2.8%

Payment firms are facing the risk of slowing down in spending on credit cards due to a hit to consumer confidence as economies face pressure from tariffs and global trade war

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