3 ASX stocks to buy after Trump’s victory, and 3 ASX stocks to sell

Let’s take a look at 3 ASX stocks to buy after Trump’s victory, and 3 to sell. Last week we wrote about US stocks that could gain, and we have wrote about sectors that could lose. But in the washup of the election, we think it is time to look at ASX stocks that are directly exposed to decisions the Trump administration will make

3 ASX stocks to buy after Trump’s victory,

South32 (ASX:S32)

Many investors may not know this, but one of South32’s projects is a copper, zinc, gold and silver discovery in remote Alaska where it is in a 50-50 joint venture with a company called Trilogy Metals. 

Trilogy more than doubled in a day as investors hoped Trump’s win would represent take off. During Trump’s first term, the US Bureau of Land Management approved a 340km road to the project to enable more exploration. During Biden’s term, the bureau gave it the cold shoulder. Investors are now hopeful that the project could go ahead. The downside now is that South32, which owns 11.6% of Trilogy, will be on the hook for a lot more money if it wanted to buy the company. 

Speaking of projects, another one is its Hermosa project in Arizona. First production is expected in the next 3-4 years and will have an initial operating life of 28 years and production of 3Mt by 2031. The project’s NPV is US$686m and the IRR is 12%. Hermosa is the only advanced mine development project in the United States as of 2024 that could produce manganese and zinc – two federally designated critical minerals.

TransUrban (ASX:TCL)

With toll road reform occurring in NSW, this could be the chance for the company to pivot into the USA. It already owns half a dozen in the USA (most of which are in the Greater Washington area), and perhaps it could increase its exposure, with more ease than under Biden.  It tried to buy Denver’s $1.3bn Northwest Parkway but ultimately pulled out.

Last time Trump was in the White House, the company gained from his infrastructure splurge and it could if his second term is anything like the first.

James Hardie (ASX:JHX)

James Hardie is an infamous building materials business with a global presence. This company could benefit too. Not just because of the infrastructure boom, but also because it will be able to avoid higher tariffs given its US supply chain.

It benefited from Trump’s stimulus, plus pandemic stimulus too. Earlier this year, shares underwent a correction as it downgraded its profit. Pandemic era-stimulus was receding, households were putting off plans to renovate given interest rates rose rapidly, and it appears rates will remain high for some time. And while it had raised prices, this only mitigated the damage somewhat, and the company projects volumes in Australia to be down 5%. The US won’t fare as badly, but the market is expected to decline by 2%. A recovery in economic conditions bodes well for it.

3 ASX stocks to sell after Trump’s victory

CSL (ASX:CSL) 

OK, hear us out about this one. Our concerns are two fold. First, that less donors will aid its blood plasma business as economic conditions improve. Second, the potential repeal of the Affordable Healthcare Act may not spell well for its soon-to-be-commercialised treatments.

Qantas (ASX:QAN)

For Qantas, the US is one of its key markets and will continue to be going forward. The company is eager for more flights, with plans to launch non-stop flights between Australia and New York in 2026. But demand has struggled lately because of the weak Aussie dollar relative to the greenback. The greenback’s rally in the aftermath of Trump’s win does not bode well for Australian tourism to the US. You might say this could just make it easier for US tourists to visit – but the competition for dollars from their tourists is a lot more intense.

Pro Medicus (ASX:PME)

Pro Medicus is the company behind the Visage software. Pro Medicus’ products use networks of customers’ facilities or cloud services to quickly transfer imaging data to a specific office or computer, to subsequently view and analyse the images. PME’s Visage software can integrate into any brand or type of imaging hardware.

Again, we are concerned about the impact of the cost of healthcare under Trump. Adding to all this, are concerns the company is too overvalued. If growth slows, this could finally be the catalyst for shares to fall.

What are the Best ASX Stocks to invest in right now?

Check our buy/sell tips