US big banks slump on China's retaliatory tariffs announcement

Shares of big U.S. banks fall premarket after China's finance ministry said on Friday it will respond to U.S. tariffs with additional tariffs of 34% on all U.S. goods from April 10

JPMorgan Chase JPM.N falls 5.6%, Bank of America BAC.N down 4 .1% and Citigroup C.N down 4.3%

Goldman Sachs GS.N sheds 4.6%, Morgan Stanley MS.N and Wells Fargo WFC.N down 5%

President Trump said on Wednesday he would impose a 10% baseline tariff on all imports to the U.S. and announced higher duties on dozens of other countries

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

The selloff comes after GS, WFC, and MS fell between 9% and 9.5% on Thursday, JPM and C fell 7%, and BAC fell 11%

Big banks begin reporting their quarterly results next week