Trade tensions around the world are escalating, and Jefferies warned that some stocks could be hit particularly hard. The White House said President Donald Trump said in a post on Truth Social that the U.S. would impose reciprocal tariffs on goods from countries with levies on American products. This comes after he announced tariffs on China, Mexico and Canada earlier in February. To be sure, a a one-month pause was quickly implemented on the duties for the latter two countries. According to Jefferies, manufacturing companies whose U.S. sales are greater than their assets in America appear more likely to face pressure from tariffs. With this in mind, the firm screened for a list of U.S. stocks that fall under the following criteria: Market cap over $5 billion High U.S. sales exposure: over 20% U.S. production deficit: U.S. sales are more than 10% greater than the company’s U.S. assets Here are some of the names on the list: Apple is the only “Magnificent Seven” stock featured on Jefferies’ list. The company has a 36.4% level of sales exposure to the U.S. Because iPhones are produced and assembled outside of the U.S., Jefferies noted that the company’s assets exposure to the U.S. is not relevant. Year to date, shares have fallen 3.7%. The stock lost more than 3% on Feb. 3., the day when Trump announced 10% tariffs on China. Apple’s pullback that day was steeper than all of the other megacap tech names with the exception of Tesla — underscoring the company’s exposure to higher import costs and global supply chain. AAPL YTD mountain Apple shares in 2025 Chipmaker Micron Technology is another name that could be hurt by tariffs. The company has a 52.4% sales exposure in the U.S. but just 16.1% of its assets in the country. To be sure, the stock has had a strong start to 2025, gaining more than 12% year to date. Beer and spirits company Constellation Brands is also at risk from tariffs, per Jefferies. Constellation has a brand license to import, market and sell Mexican beers such as Corona and Mondelo. Nearly 98% of Constellation’s sales are in the U.S. market, but just 16.2% of its assets are exposed to the U.S. The stock was also one of the names that sold off once Trump announced his plans for tariffs on Mexico. Shares dropped more than 3.5% on Feb. 3. Year to date, Constellation has plunged 26.4%. STZ YTD mountain Constellation Brands in 2025
Jefferies says beware stocks like Apple that could be impacted most by Trump’s tariffs