US asset managers fall as US-China trade war escalates

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

However, tariffs on China now total 145%, the White House told CNBC on Thursday

KKR KKR.N down 5.9%, Invesco IVZ.N falls 6.1%, Blackstone BX.N falls 5.3% and Janus Henderson JHG.N down 7.2%

Franklin Resources BEN.N down 4.1%, BlackRock BLK.N down 3.9%, Apollo APO.N down 3% and Charles Schwab SCHW.N down 1.6%

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