US asset managers fall as US-China trade war escalates

Shares of U.S. asset managers fall premarket, paring Wednesday's gains after U.S. President Donald Trump's move to temporarily lower the heavy tariffs on dozens of countries

Trump also increased tariffs on China to 125% from 104%

KKR KKR.N down 3.8%, Blackstone BX.N falls 3.1%, Apollo APO.N down 2.8% and Franklin Resources BEN.N down 2.3%

Charles Schwab SCHW.N down 1.5% and BlackRock BLK.N down 1.1%

Invesco IVZ.N falls 1.9% in choppy trading

Despite the temporary reprieve on Wednesday, a trade war between the two largest economies in the world fuels uncertainty that could cause an elongated downturn in the markets, directly impacting fees for asset managers that are often tied to the value of assets under management

The 10% blanket duty on almost all U.S. imports and separate duties on autos, steel and aluminum will remain in effect