10 Companies With Exposure To Trump's China Tariff War: Ford, Tesla, Apple, Disney And More

President Donald Trump raised tariffs on Thursday, increasing the price of Chinese imports to a minimum of 145%. The move combines a 125% reciprocal tariff increase with pre-existing 20% duties.

The trade war shows no signs of slowing down as China responded on Friday morning with a retaliatory tariff now standing at 125% on U.S. imports.

Here's a look at which companies are most exposed to China and could be impacted by the ongoing trade war.

A recent report from Strategy Risks ranks the largest publicly traded American companies with overexposure to China based on the following criteria: Business Fundamentals, Partnerships and politics, Regional Issues, Supply Chain, and Capacity.

Ford Motor Co. F ranked in the top position as most overexposed to China with high scores in all criteria, especially Regional Issues (linked to human rights abuses and forced labor practices) and Supply Chain.

Carrier Global Corp. CARR dominates China's commercial HVAC sector and operates 11 manufacturing sites, 5 R&D centers and over 300 sales/service branches in the country.

Apple, Inc. AAPL produces 90% of iPhones, 70% to 80% of iPads and 50% of Mac products in China, according to Wedbush. Tech analyst Dan Ives recently said Apple “is in the eye of this storm," referring to the trade war with China.

Tesla, Inc. TSLA U.S. energy business faces existential risks due to tariffs on Chinese battery cells which could double production costs for Powerwalls and Megapacks, according to Electrek.

Coca-Cola Co. KO faces rising costs due to tariffs on critical raw materials like sucralose, sourced from U.S. and Chinese suppliers. The company noted in its 2024 annual report that tariffs could reduce profitability if price hikes fail to offset higher costs.

Cummins, Inc. CMI has a significant presence in China through strategic investments, joint ventures and innovation initiatives, particularly in clean energy and engine manufacturing.

RTX Corp. RTX said in 2023 that decoupling its supply chains from China was unrealistic. Former CEO Gregory Hayes said RTX had "several thousand" Chinese suppliers, and told the Financial Times that, "we are not in a position to pull out of China the way we did out of Russia."

Honeywell International Inc. HON faces significant supply chain disruptions due to its large presence in China and heavy reliance on imported components. In March, following the initial tariff increases, Honeywell implemented a 6.4% tariff surcharge on Building Management System (BMS) products, and more surcharges are likely to follow as the trade war escalates.

Walt Disney Co. DIS CEO Bob Iger has expressed significant concerns about the impact of U.S. tariffs on Chinese imports, warning of broader economic consequences and specific challenges for Disney's operations.

Caterpillar, Inc. CAT faces significant challenges due to the escalating trade tensions, which have eroded the company's competitiveness in China. This is prompting buyers to seek alternative suppliers and forcing Caterpillar to reassess export strategies.

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