US credit card firms fall as US-China trade war escalates

April 10 -

Shares of U.S. credit card firms fall, 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%

American Express AXP.N down 2.8%, Mastercard MA.N slips 2.2% and Visa V.N falls 1.4%

Despite the temporary reprieve on Wednesday, a trade war between the two largest economies in the world fuels uncertainty that could dampen consumer confidence and curb credit card spending

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

Since Trump announced tariffs on April 2, AXP has fallen 15.1%, MA down 10.5%, and V has fallen 9.6%, as of last close