BUZZ-US big banks slump on China's retaliatory tariffs announcement

Reuters04-04

** Shares of big U.S. banks fall premarket after China's finance ministry said on Friday it will respond to U.S. tariffs with additional tariffs of 34% on all U.S. goods from April 10

** JPMorgan Chase JPM.N falls 5.6%, Bank of America BAC.N down 4 .1% and Citigroup C.N down 4.3%

** Goldman Sachs GS.N sheds 4.6%, Morgan Stanley MS.N and Wells Fargo WFC.N down 5%

** President Trump said on Wednesday he would impose a 10% baseline tariff on all imports to the U.S. and announced higher duties on dozens of other countries

** Investment banks are expected take a hit as tariff-driven uncertainty dampens dealmaking and capital markets activity, while lower consumer confidence could also curb spending and dampen loan demand

** The selloff comes after GS, WFC, and MS fell between 9% and 9.5% on Thursday, JPM and C fell 7%, and BAC fell 11%

** Big banks begin reporting their quarterly results next week

(Reporting by Ateev Bhandari in Bengaluru)

((Ateev.Bhandari@thomsonreuters.com))

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