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President Donald Trump is set to announce reciprocal tariffs after Wednesday’s market close — raising concerns about an all-out global trade war and wider boycotts of American products. Trump’s previously-imposed tariffs — including those levied on Canada, Mexico, and China — have already started to erode foreign sentiment. In Canada, 53% of consumers there claim to have started some form of boycott on U.S. goods, according to Goldman Sachs. The analysts expect a significant pullback in sales of American alcohol in the region as well, given that state-run liquor stores have started to remove U.S. products from their shelves. Tesla is another prime example of how quickly foreign sentiment can swing, with evidence of softer sales across Europe, which is likely tied to CEO Elon Musk’s politics and work with the second Trump administration on reducing the size of government, rather than tariffs directly. Before that, there were boycotts of U.S. companies in China when Trump tariffs were levied against the world’s second-largest economy during his first administration in 2018. “U.S. tariff announcements and a more aggressive stance toward historical allies have hurt global opinions about the U.S.,” the Goldman analysts wrote in a Monday note. “This shift in sentiment and widely reported boycotts have raised concerns that a pullback in demand for U.S. products … could lower U.S. GDP.” They added, “The impact on U.S. multinationals’ revenue could be larger if foreign consumers lower spending on U.S. brands that are produced abroad.” With that in mind, here is a list of each Club holding and its percentage of U.S. sales. The companies at the top are in a better position to weather the growing anti-America feelings among global consumers. Three of our companies are 100% domestic. According to Jeff Marks, the director of portfolio analysis for the Club, “It will take time to fully grasp the impact of tariffs on each company. Some will be better equipped to pass on higher costs than others, with price makers faring better than price takers. Additionally, cost-saving measures could help mitigate the impact.” Marks added, “We’ll gain a clearer understanding of the individual impacts when companies start reporting their first-quarter earnings in the coming weeks.” (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
U.S. President Donald Trump sits on the day he signs an executive order related to the U.S. live entertainment ticketing industry, in the Oval Office at the White House in Washington, D.C., on March 31, 2025.
Leah Millis | Reuters
President Donald Trump is set to announce reciprocal tariffs after Wednesday’s market close — raising concerns about an all-out global trade war and wider boycotts of American products.
