US Stock Market Move | Bank stocks collectively fell, with Citigroup (C.US) dropping nearly 8%.

After Trump announced the highest tariff barrier in a century, concerns about economic recession swept the market, causing global bank stocks to plummet on Friday. As of press time, JPMorgan Chase (JPM.US) fell more than 5%, Bank of America Corp (BAC.US), Goldman Sachs Group, Inc. (GS.US), and Morgan Stanley (MS.US) all fell more than 6%, while Citigroup (C.US) dropped nearly 8%. Christopher Wolfe, head of North American banking at Fitch Ratings, said that banks may have to start setting aside more reserves for potential loan defaults, especially if tariffs are implemented in the long-term.