US big banks fall as tariffs continue to fuel market rout

Shares of big U.S. banks fall premarket, extending losses for the third day after President Trump last week said he would impose a 10% baseline tariff on all imports and higher duties on dozens of other countries

Morgan Stanley MS.N down 5.3%, Citigroup C.N down 5.1%, and Goldman Sachs GS.N sheds 4.7%

Bank of America BAC.N down 3.8%, JPMorgan Chase JPM.N falls 3.7% and Wells Fargo WFC.N down 3.6%

China retaliated to U.S. tariffs on Friday with additional levies of 34% on all U.S. goods from April 10

Investment banks are expected take a hit as tariff-driven uncertainty dampens dealmaking and capital markets activity, while lower consumer confidence could curb spending and dampen loan demand

The KBW Bank Index .BKX has fallen 15.8% since Trump's tariff announcement

Big banks begin reporting quarterly results this week