Bank of America (BAC) stock plummeted 6.79% in pre-market trading on Tuesday, underperforming the broader market as President Donald Trump's new tariffs on major US trading partners fueled concerns over a potential trade war that could dent economic growth.
The sell-off in BAC shares came after Trump imposed a 25% tariff on imports from Mexico and Canada, and doubled duties on Chinese goods to 20%, effective Tuesday. The move drew swift retaliation from Canada and Mexico, raising fears of an escalating trade conflict that could disrupt supply chains and dampen corporate profits.
Analysts warned that Trump's tariffs could have a significant negative impact on the US banking industry, which is highly exposed to trade flows and sensitive to changes in economic conditions. As one of the largest US banks, Bank of America is particularly vulnerable to a slowdown in lending and investment activity caused by trade tensions.
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