US card companies slide as trade tensions escalate

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

Visa V.N down 2.1%, Mastercard MA.N loses 2.9% while American Express AXP.N sheds 3.2%

Payment firms face the risk of weak credit card spending, as consumer confidence is expected to take a hit from economic uncertainties stoked by the trade war

The stocks extend their losses from last week after U.S. President Donald Trump announced global reciprocal tariffs, with a brief break on Tuesday when shares rebounded on hopes of negotiation over tariffs

Since Trump's "Liberation Day" speech, as of last close, Visa has lost 11%, Mastercard has lost 12.3% and American Express has lost 15.9%