How will stocks be impacted by tariffs? Here are 6 victims on the ASX and how they’re responding

How will stocks be impacted by tariffs?

Its a long story, but few stocks can say that there’ll be no impact. Even companies which could arguably be beneficiaries (like ship builder Austal (ASX:ASB)) are benefiting because of the tariffs.

Stocks that do business in the USA could be impacted, particularly if they manufacture and ship goods to the US. But even companies that won’t be hit with tariffs and only have ‘indirect exposure’ like travel agencies will be impacted, because the tariffs harm America’s reputation.

Whatever you’re invested in, it is important to consider how tariffs will impact your company. Of course, this is easier said than done because Trump flip flops on them a lot – sometimes multiple times a day. But it is fair for investors to ‘assume the worst’ which is if the original ‘Liberation Day‘ tariffs are implemented indiscriminately on all goods imported to the US.

The impact of tariffs on 6 ASX stocks

Fisher and Paykel (ASX:FPH) 

This company has been firmly in the firing line as one of the first to come out and admit it would be impacted. This company makes healthcare equipment for the US in Mexico and New Zealand – 60% and 40% respectively. FPH has admitted that whilst there wouldn’t be an impact in FY25 (which ended on March 31), there would likely be increased costs in FY26, not just because of the tariffs but forex movements and the economic environment. The company has promised to say more at its FY25 results later this month.

Ansell (ASX:ANN)

It is a similar story here for Ansell, which makes gloves and other protective equipment. Goods sold in the US are made in manufacturing or third-party suppliers in various other countries with the most prominent being Malaysia and Sri Lanka – although no country supplies more than 30% of its imports into the US.

Ansell plans to ‘pass on’ any impact in the form of price increases in the short-term. In the longer term, the company has boasted it has flexibility to ‘respond to changes in the relative attractiveness of traditional PPE manufacturing locations’, in other words, switch manufacturing to jurisdictions with lower tariffs.

Tourism Holdings (ASX:THL)

Tourism Holdings rents out RVs and is the largest operator in the world. It has a focus in North America, not just the US but in Canada too, and herein lies a major problem. Demand for caravan travel in the US during this year’s high season is down – demand from Europeans is down 40-50% as of mid-April.

Even though other rental markets, particularly Canada, were seeing growth, this is not expected to compensate for lost international bookings. THL has told investors that its underlying profit ‘will be significantly below the current analyst consensus of $45.2m’.

Amotiv (ASX:AOV)

If you thought companies facing the US tariffs without any other problems had it bad, spare a thought for those facing other problems. Amotiv is the owner of several brand that provide 4WD parts. The company released a trading update last month in which it anticipated marginal revenue growth and a marginal decline in underlying EBITDA due to falling reseller demand for 4WD parts and 4WDs generally in Australia and New Zealand.

Even though the company said it would not be impacted by Trump’s tariffs (as they account for ~8% of total revenue), the company told investors that it was ‘assessing a range of tactical and strategic actions to manage the risks and realise the opportunities of these changes’. Such changes included the re-sourcing of finished goods, re-pricing and the use of alternative manufacturing and supply locations.

Breville (ASX:BRG)

Breville makes kitchen appliances, 90% of which are made in the China and 45% of its total products are sold in the USA. Breville has told investors it doesn’t anticipate a material impact in FY25, but is likely to face increased input costs for FY26. The company told investors it was well progressed on a project to diversify its manufacturing basis, but the initial locations it mentioned included Mexico and Cambodia. The latter is subject to amongst the highest Trump tariffs of any country.

Cettire (ASX:CTT)

Cettire’s share price was 45 cents last Thursday after beginning 2025 at $1.75 and peaking at $4.73 on March 1, 2024. Plenty of things have gone wrong with this company, so you could argue tariffs are the least of its concerns.

The company only makes 3.8% of revenue from items made in China that are sold in the US. Nonetheless, the US is a significant market, and sales are very volatile day by day as investors try to digest everything that is going on. Cettire claimed to have made savings initiatives that would total over $5m per annum and had an immediate focus to deliver profitability in the current quarter.

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