Tariff stocks

e.l.f. has concentrated China sourcing, making tariff changes on finished goods and packaging directly relevant to gross margin and pricing.

e.l.f. Beauty is heavily exposed to China sourcing with approximately 80% of its production concentrated in the country. Under the Trump administration's newly structured Section 301 tariff regime, imports from China will be hit with a 12.5% tariff due to inadequate forced labor law enforcement, introducing direct gross margin compression.

Temu relies heavily on fast, direct shipping from China to consumers, making customs changes directly relevant to landed cost and margins.

Complex global electronics supply chain makes it highly sensitive to any global import duty.

Kaiser purchases primary or semi-finished aluminum inputs, so tariffs and regional premiums directly raise billet and sheet costs.

Kaiser is a U.S. downstream aluminum manufacturer that purchases primary or semi-finished aluminum inputs. Tariff-driven scarcity and a higher Midwest premium raise billet and sheet costs, while domestic substitution may not provide enough capacity to offset the cost increase.

Dell directly purchases DRAM, NAND, accelerators, and server components for assembly, so tariffs can affect COGS, margins, and working capital.

AliExpress relies heavily on direct-to-consumer individual shipping from China, which will face severe margin compression under full duty rules.

Caterpillar uses steel, aluminum and imported components in machinery manufacturing, creating high tariff-driven COGS exposure.

Machinery and agricultural equipment are retaliation targets, creating meaningful exposure to weaker foreign customer demand and higher delivered prices.

Machinery and agricultural equipment are named retaliation targets. Canadian counter-tariffs raise customer acquisition costs and delivered prices, potentially weakening demand, while steel and aluminum costs pressure machinery COGS.

Caterpillar is a downstream user of steel, aluminum, and components and sells machinery into Canada. Tariff costs, weaker Canadian machinery demand, and customer substitution outweigh any domestic import-substitution benefit.

CN’s cross-border rail network directly carries affected Canadian exports and tariff-sensitive industrial goods.

Reciprocal tariffs can reduce Canadian exports of cement, lumber, furniture, beverages, and other covered goods. Lower demand, inventory holds, and rerouting would reduce transborder carloads, network utilization, and freight revenue.

Century Aluminum is a domestic primary producer that benefits when protectionist aluminum tariffs reduce foreign competition and support U.S. prices.

Century Aluminum is the leading primary aluminum manufacturer in the U.S. and directly gains from Section 232 tariffs that reduce foreign supply and raise domestic pricing power.

Century Aluminum, as the leading primary aluminum manufacturer in the U.S., is a primary beneficiary of protectionist Section 232 aluminum tariffs. The proposed expansion of these tariffs to new categories like aluminum powder reduces import competition and drives up domestic aluminum prices.

As a domestic steelmaker, Nucor does not pay import tariffs and can actually raise its prices because the landed cost of its tariffed competitors has increased.

Nucor Corporation stands to benefit from a protective pricing floor set by tariffs on imported alternatives, enhancing its domestic competitive advantage.

As a domestic trailer manufacturer, Wabash can benefit from higher market prices and customer demand created by the duty-driven reduction in low-cost Chinese supply, while still facing higher metal costs.

The final U.S. antidumping and countervailing-duty orders impose a combined duty burden exceeding 260% on Chinese van-type trailers and covered subassemblies, sharply reducing Chinese import competition. Wabash is one of the U.S. trailer manufacturers identified as an intended beneficiary, creating a plausible opportunity for higher domestic orders, utilization, pricing, and market share.

Benefits significantly from the protectionist price umbrella and domestic market tightening caused by tariffs on Canadian competitors.

Weyerhaeuser Company, a leading domestic U.S. timberlands owner and wood products manufacturer, is a prime beneficiary of the 50% tariffs on Canadian lumber. Because Canadian imports represent approximately 30% of U.S. softwood lumber consumption, raising barriers on Canadian supply allows domestic U.S. lumber producers to capture market share and capitalize on elevated domestic prices.

Ford is a major steel-consuming automaker, and broader tariffs can raise vehicle and parts COGS across its integrated North American production network.

Automotive products, Canadian-linked components, and metal-intensive inputs are directly exposed to the elevated tariff regime. Ford faces higher COGS, customs and origin-compliance costs, with limited near-term ability to reconfigure production.

Gerdau is heavily impacted by U.S. metal tariffs, with Brazilian steel already facing a severe 50% tariff under Section 232 prior to the new Section 301 rules.

Repeated cross-border component movements make substitution and rapid rerouting difficult, so tariffs create margin and production friction rather than a competitive benefit.

Magna’s automotive components use steel, aluminum, energy and logistics services, while cross-border tariff and supply-chain changes make rapid cost recovery difficult.

Magna’s integrated Canadian-U.S. automotive manufacturing network is exposed to higher aluminum input costs, customs friction, origin verification, and supplier requalification. The tariff shock can raise COGS and logistics expense while complicating customer production schedules.

Reported a 44% spike in COGS largely due to tariff impacts and manufacturing variances.

Terex is suffering from significant cost inflation similar to Caterpillar's 'Resource Industries' segment. Its adjusted cost of goods sold surged 44% in Q1 2026, leading to a margin decline to 8.7%. The development underscores the broader industrial vulnerability to manufacturing variances and tariff-induced cost spikes.

Whirlpool faces direct steel and aluminum COGS exposure in appliance manufacturing alongside tariff-related Canadian market-access costs.

Directly cited 'tariffs lingering' as a reason for missing earnings targets, showing high margin sensitivity.

The study confirms that tariffs affect both imported finished goods and U.S.-made goods through imported inputs. Whirlpool's appliance business has absorbed substantial tariff costs, so continued pass-through creates direct COGS and operating-margin pressure before pricing fully adjusts.

Whirlpool sells U.S.-origin appliances into Canada, where appliances are explicitly targeted by retaliation. Higher delivered prices can reduce Canadian demand and impair promotional flexibility, while steel and aluminum costs add pressure.

Tariffs on foreign drone components benefit Red Cat by inflating competitors' pricing and validating its domestic sourcing strategy.

Red Cat’s competing foreign platforms face high tariffs, while its own direct product exposure is lower; imported components may still create some cost exposure.

Costco is a major importer of bulk consumer goods, so duties can materially affect merchandise economics despite its food and consumables mix.

Costco's broad imported general-merchandise assortment is exposed to higher U.S. duties. Its food and consumables mix and purchasing scale mitigate the effect, but merchandise-cost inflation can still pressure gross margin or prices.

Best Buy is an import-dependent discretionary retailer, so tariff costs can raise wholesale prices, defer big-ticket demand, and compress gross margin.

Best Buy’s electronics-import model and thin merchandise margins make tariff changes highly relevant to wholesale COGS, prices, and demand.

The quantified tariff pass-through is particularly negative for Best Buy because imported electronics, appliances, and components feed directly into wholesale COGS. Passing through the increase can reduce discretionary demand, while absorption compresses thin merchandise margins.

Diageo's premium spirits margins face compression because absorbing a portion of a 50% tariff is necessary to remain competitive in the U.S. retail channel.

With nearly 50% of products imported and suffering from declining net margins, the tariff impact is significant but not as concentrated as footwear.

Home Depot relies heavily on imported hardware, tools, and construction materials. A 15% blanket tariff reintroduces significant COGS pressure just as the company was navigating a housing market slump. The uncertainty regarding how long these Section 122 tariffs will last complicates inventory and pricing strategies.

Home Depot’s imported hardware, tools, appliances, and construction merchandise remain exposed to duties because no broad reduction timeline exists. Persistent uncertainty complicates purchasing, pricing, and gross-margin management.

Levi Strauss operates in apparel, a tariff-exposed imported-goods category, and its reported tariff-related gross-margin deductions evidence meaningful cost intensity.

The New York Fed's broad pass-through estimate increases confidence that apparel import costs will continue reaching prices and margins. Levi Strauss has already been identified as facing tariff-driven gross-margin deductions, making COGS and pricing execution the key transmission channels.

P&G has explicitly quantified a large tariff headwind, including China-sourced finished goods, demonstrating meaningful direct exposure to imported product costs.

Tariffs protect AVAV's market share against cheap foreign UAV imports, offsetting minor raw material and component cost inflation.

AeroVironment is a leading domestic defense drone prime. High tariffs on foreign drones restrict cheaper imports and benefit domestic players by driving federal and commercial demand to secure, domestic-source UAV solutions.

Martin Marietta is a domestic cement and aggregates producer that gains pricing power as tariffs block foreign rivals.

Martin Marietta is a U.S. cement and aggregates producer. By making covered Canadian cement imports less competitive in northern U.S. markets, the tariffs can shift demand toward domestic supply and improve regional pricing power and utilization.

Core business model for US reshoring is heavily bolstered by tariffs that make Chinese imports less competitive.

MP Materials operates primarily domestically, shielding it from direct import tariff costs while positioning it as a key beneficiary as foreign competitors face higher barriers under Section 301.

Steel Dynamics is primarily a domestic steel producer benefiting from import substitution; its evidenced pathway is steel pricing and utilization rather than purchasing tariffed steel as a major input.

Steel Dynamics has a direct domestic steel replacement and pricing opportunity as the tariff raises the cost of Canadian alternatives.

Tariff barriers reduce the competitiveness of imported steel and can allow Steel Dynamics to capture domestic replacement demand and pricing power. The upside is partly reduced if higher steel prices suppress output at downstream manufacturers.

Summit Materials is a domestic cement producer that benefits when Canadian cement imports are hit by high tariffs.

Summit Materials is a leading domestic U.S. aggregates and cement producer. The imposition of a 50% tariff on Canadian cement protects domestic suppliers from low-cost imports, allowing Summit to capture additional demand and raise prices, especially in high-growth U.S. infrastructure and construction markets.

Alcoa benefits from tariff-driven reduction of cheaper foreign competitor metal imports, while remaining tariffs protect its domestic pricing position.

As a domestic producer, it does not pay these tariffs on its core output and instead benefits from them; however, it may face some upstream cost shifts.

Tariffs can reduce competing Canadian aluminum imports into the United States and support domestic aluminum pricing. Alcoa benefits from import substitution and a protected price floor, although higher input costs and Canadian retaliation create offsets.

Domestic furniture manufacturers like LZB benefit from the 50% tariffs placed on Canadian furniture imports, limiting cheap foreign competitors.

La-Z-Boy is a leading domestic U.S. furniture manufacturer. The imposition of a 50% tariff on Canadian furniture imports limits low-cost foreign competition in the U.S. market, shielding La-Z-Boy and boosting interest in domestic production.

Agricultural and food exports face Canadian market-access losses and costly shipment redirection under retaliatory trade measures.

Canada and the EU are important potential destinations for U.S. agricultural and food products. Retaliation can reduce market access, force shipment redirection at lower margins, and increase logistics and merchandising costs.

Dollar Tree's low-price model and substantial import sourcing make lower duties particularly relevant to merchandise margin.

Dollar Tree has substantial imported merchandise exposure, particularly in low-price discretionary categories where tariff costs are difficult to pass through. Lower duties could improve gross margin and earnings while preserving price points and inventory availability.

Macy's faces meaningful tariff exposure through imported apparel and merchandise, compounded by weak discretionary demand and promotional competition.

Macy’s apparel, home-goods, and cosmetics assortment relies on global and partly Chinese manufacturing. Delayed tariff relief leaves meaningful landed-cost and margin exposure in categories where discretionary demand and markdown risk are important.

Molson Coors is a US distributor of imported Canadian beer, meaning its COGS will rise significantly as a result of the 50% tariff.

Molson Coors imports and distributes Canadian beer brands in the United States. A 50% tariff on Canadian alcoholic beverages directly increases beverage COGS, squeezes distribution margins, and may require price increases, margin absorption, or lower affected-brand volumes.

Faces significant margin compression or supply chain relocation costs due to cumulative 37.5% tariffs on footwear imports.

Crocs relies heavily on imported finished footwear, so delayed tariff relief keeps product COGS and supply-chain relocation costs elevated. Competitive pricing limits its ability to pass the full burden to consumers.

Agricultural equipment is explicitly identified as a retaliation target, creating direct exposure to foreign market-access and delivered-price pressure.

Deere has tariff-sensitive machinery and metal-component exposure, with higher steel and component costs weighing on margins.

Agricultural equipment is specifically identified for Canadian retaliation. Deere therefore faces higher Canadian-bound landed costs, weaker dealer demand, customs expense, and margin pressure, with no comparable Canadian relief available to the U.S.-based exporter.

Deere relies on steel, aluminum, and heavy components for its agricultural and construction equipment. The addition of Section 232 national security tariffs to industrial parts and derivative metals further escalates its manufacturing input costs, threatening margins.

Tariff and supply chain costs of ~$250M/year represent a deep headwind that caused a 13% drop in stock and a profit guidance cut.

Imported discretionary merchandise and freight costs create direct gross-margin sensitivity, while price increases can reduce nonessential demand.

Negative due to rising shipping and logistics costs embedded in inventory prices.

Target faces high margin pressure from the newly imposed 10% to 12.5% global Section 301 tariffs due to its high direct and indirect exposure to imports, which constitute approximately half of its COGS. The filing of a major lawsuit by twenty-five U.S. states seeking to invalidate these tariffs represents a critical positive legal development that opens a pathway for potential relief and duty invalidation.

The retaliatory announcement deepens the reciprocal steel dispute. Algoma’s Canadian steel exports to the U.S. face impaired market access and potential shipment reductions, lower realized prices, production curtailments, or diversion to less attractive markets.

Algoma is a Canadian steel manufacturer whose U.S. market access would be impaired by the planned 50% tariff. Shipments could become uneconomic, forcing lower export volumes, lower realized prices, production curtailments, or diversion to less attractive markets.