US asset managers fall as trade war escalates

Shares of U.S. asset managers fall premarket, extending losses after China said it will impose 84% tariffs on U.S. goods from Thursday, up from the 34% announced previously

Blackstone BX.N falls 2.6%, KKR KKR.N down 2.4%, Apollo APO.N and Charles Schwab SCHW.N down 2.2%, while Invesco IVZ.N falls 1.3% and Franklin Resources BEN.N down 2.2%

Asset managers could see a drop in fees, which are often tied to the value of assets under management, if trade war fears, economic uncertainty and inflationary pressures from tariffs cause an elongated downturn in the markets

U.S. President Donald Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday, including a massive 104% duties on Chinese goods