** Brokerage J.P. Morgan cuts PT on U.S. trust banks after tariffs spark trade war fears

** Trims BNY BK.N to $87 from $94, Northern Trust NTRS.O to $110.5 from $118, and State Street STT.N to $91.5 from $108.5

** Says turmoil in the markets due to uncertainty in the economic outlook with tariff trade wars will hurt revenues in their core businesses, servicing and asset/wealth management

** Adds that there should be some offset from higher FX trading revenues in the near term

** Brokerage prefers BNY due to "more diversified revenue mix"; says STT the most exposed among trust banks to the sharp drop in markets because of the higher share of revenues from servicing and asset management

** As of last close, BNY up ~9.6% YTD, NTRS down ~3.7%, and STT down ~8.7%

(Reporting by Ateev Bhandari in Bengaluru)

((ateev.bhandari@thomsonreuters.com))