US big banks fall as Trump tariffs resurface

Shares of big U.S. banks fall premarket after President Donald Trump threatens 50% tariffs on the European Union starting June 1, along with 25% tariffs on Apple APPL.O phones made outside the U.S.

Goldman Sachs GS.N down 2.6%, JPMorgan Chase JPM.N down 2.5% and Wells Fargo WFC.N down 2.3%

Bank of America BAC.N down 2.2%; Citigroup C.N and Morgan Stanley MS.N down 2.1%

The developments follow weeks of progress on trade talks between the U.S. and its largest trading partners, including the EU and China, which had eased concerns of a global trade war

"The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with," Trump said on Truth Social