US regional banks slides after Trump unveils tariffs

Banc of California

03/02/2025 14:26

** Shares of U.S. regional banks slide in premarket trading
after President Donald Trump announces tariffs on goods from
Canada, Mexico and China, raising fears of inflation
    ** Shares of Regions Financial  RF.N  fall 2.3%, Fifth Third
Bancorp  FITB.O  down 2.3%, Banc of California  BANC.N  slip
4.8%, Comerica  CMA.N  fall 3% and Western Alliance Bancorp down
2.7%  WAL.N 
    ** Valley National Bancorp  VLY.O  and M&T Bank  MTB.N 
slide around 2.9% each
    ** On Saturday, Trump ordered tariffs, kicking off 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
    ** Canadian Prime Minister Justin Trudeau said Canada would
respond with 25% tariffs against $155 billion of U.S. goods,
while China said it will take Trump to World Trade Organization
and take other "countermeasures"

 (Reporting by Prakhar Srivastava in Bengaluru)
 ((Prakhar.srivastava2@thomsonreuters.com))