Some ASX stocks could be hit by Trump Tariffs: Here are 6 in the Firing Line!

Trump Tariffs: They’re back with a vengeance and even worse than last time. During the first Trump administration, tariffs were mostly only imposed on China, but they’re back with a vengeance.

On so-called Liberation Day, the administration revealed reciprocal tariffs on just about all countries. Australia is not exempt although it has escaped with a 10% rate as did Chile, the UK , Turkey, Colombia and Brazil. China has been hit with a 34% tariff, whilst the EU copped 20%, Japan with 24%, Korea at 25%. The worst hit was Cambodia with 49% and Vietnam with 46%, Sri Lanka 44% and Bangladesh 37% – moves no doubt targeting clothing and sportwear companies that offshored jobs to those countries. Nike and Adidas are two such examples which made 50% and 39% of footwear in Vietnam in 2024.

The first ASX company to come out and admit it could face an impact from Trump Tariffs was  – the healthcare company, not the white goods maker – given it makes the majority of its products bound for the US in Mexico. Let’s take a look at 5 stocks that could be impacted starting with FPH.

6 ASX stocks in the firing line from Trump Tariffs!

Fisher and Paykel (ASX:FPH)

For the past two months, Fisher and Paykel (ASX:FPH) has admitted it would be impacted by tariffs. The company makes 43% of its revenue from the US and 60% of volumes sold in the US come from manufacturing in Mexico. FPH has said it does not anticipate a material impact for the current financial year – which ends on March 31 because the company follows New Zealand’s fiscal year.

But from FY26, costs would likely increase, not just because of the tariffs directly but also potential consequences such as retaliatory taxes or foreign exchange movements. FPH has a goal of a 65% gross margin, but said the weekend’s developments may have added two to three years to that expectation. CEO Lewis Gradon told investors the company was working ‘to prodivde solutions to best mitigate the impact of the tariffs on all parties.

‘Fundamentally, our products and therapies are designed to improve care and outcomes for patients and to reduce the overall costs of providing healthcare,’ he said. ‘Across the business, we are continuing to make improvements that reduce costs or improve efficiencies. This proven combination is how we navigate all the various cost challenges that come our way over time’.

Treasury Wine Estates (ASX:TWE)

Just when shareholders thought there was light at the end of the tunnel. TWE owns several wine brands in Australia (as well as the US) and has a focus on selling them into China. It is true that relations between Australia and China have improved under the Albanese government and the US is less important for TWE. Plus, you could argue the tariffs are just penny change because wines are already subject to taxes that can add 30-50% to the price of a bottle. However, TWE has 3,750 planted hectares of vineyards in the US and so we doubt it can escape any impact at all. And then again, we saw the impact tariffs China imposed on Australia had on it.

Mithril Silver and Gold (ASX:MTH)

Mithril is one of the few ASX-listed explorers that has pegged ground in Mexico and the only one with exposure to silver. The company had been planning to kick off a new drilling campaign and then declaring a Maiden Resource during the first quarter of 2025. Only a couple of weeks ago, the company released assay results from drilling done last year and results were up to 438 g/t silver and 7.8 g/t gold. Impressive. What’s more is that gold is one of the few commodities that is on a hot run right now. There’s no shortage of battery metals explorers in North America tat have delivered good drilling results, but suffered from weak investor sentiment due to prices. But in the case of Mithril, Trump Tariffs may be the only thing that denies the company good investor sentiment.

Bubs (ASX:BUB)

Bubs makes baby food products. It has mostly been focused on China, but entered the US in 2022 when the company faced a shortage of infant formula. One of the benefits it received was tariff concessions. Who knows whether or not they will remain. What should also worry shareholders is that although most products are made in Australia, it has been manufacturing products in China since late 2022, entering an agreement with Heilongjiang Ubeite Dairy Group for this purpose. This may help the company’s cause in China, but who knows what will happen with its US sales.

Woodside (ASX:WPL)

Woodside was facing some positives and negatives from the return of Trump. On one hand, Trump signed several executive orders to make it easier and cheaper to drill for fossil fuels. The other, he removed government support for renewables and other lower-carbon technologies – the IRA offered $567bn for hydrogen developers. Plus, he withdrew from the Paris Agreement. But what about the impact of Trump Tariffs?

Well, Woodside has assets in the Gulf of Mexico/America; and whether or not it can go to the US without tariffs will depend on how the administration defines LNG imports. Not to mention, either way, how other countries choose to respond. Woodside and its oil and gas peers are seeking to meet the world’s demand for cleaner fuel, but any tariffs would put a dent in the profitability of any projects.

Australian Agricultural Company (ASX:AAC)

This 200 year old company exports beef around the world, including to the USA. In 1H25, it made $31m from the USA (21% of total revenue).

Australian beef was specifically singled out by President Trump as a target and this was not necessarily because Australia charges tariffs on US imports (which it doesn’t) but because of the quarantine and customs processes meaning it is difficult (if not impossible) to import meat to the country.

AAC has not commented on the impact of tariffs, and it is plausible it won’t be impacted as it makes revenue from other countries. Plus, steak-loving higher income earners in Texas may just pay the higher prices.

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