BUZZ-US big banks drop amid global selloff sparked by Trump tariffs

Reuters02-03 19:06
BUZZ-US big banks drop amid global selloff sparked by Trump tariffs

** Shares of U.S. big banks slide in premarket trading, joining a global selloff sparked by President Donald Trump's announcement of tariffs on goods from Canada, Mexico and China and consequent retaliation

** Shares of JPMorgan Chase JPM.N fall 1.7%, Bank of America BAC.N slides 1.4%, and Citigroup C.N drops 1.9%

** Wells Fargo WFC.N, Morgan Stanley MS.N and Goldman Sachs GS.N all slide a little over 2%

** The tariffs, that were announced on Saturday demanding a check on the flow of fentanyl and illegal immigrants in the case of Canada and Mexico - into the United States, signal the beginning of a trade war that could dent global growth and reignite inflation

** In three executive orders, the United States imposed 25% tariffs on Mexican and most Canadian imports and a further 10% on goods from China, starting on Tuesday

** Mexico and Canada immediately vowed retaliatory tariffs, while China said it would challenge Trump's move at the World Trade Organization and take other "countermeasures"

(Reporting by Pritam Biswas in Bengaluru)

((Pritam.Biswas@thomsonreuters.com))

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