European exporters to the U.S. may face significant headwinds from new tariffs President Donald Trump is expected to unveil Wednesday afternoon . While details remain scarce ahead of a Rose Garden ceremony at 4 p.m. ET, investors have been bracing themselves for broad-based levies on imports. Treasury Secretary Scott Bessent previously called out the “Dirty 15,” or the 15% of countries that account for the majority of U.S. trading volume, which includes the European Union. Trump has also threatened to implement 200% tariffs on alcohol and spirits from Europe. The Stoxx Europe 600 index was last down around 1% in London trading, with the Stoxx Europe 600 Healthcare index falling 2% to its lowest point since Dec. 20. Here are some of the European stocks Bank of America believes are most at risk from escalating tariffs due to their high revenue exposure to the U.S. Here is where analysts see them going next: Danish pharmaceutical giant Novo Nordisk made the list. The weight loss drugmaker has 55% revenue exposure to the U.S., according to BofA. CEO Lars Fruergaard Jorgensen has warned of potential drug shortages and higher prices if tariffs are implemented on European nations. Novo Nordisk also trades in the U.S. under an American Depository Receipt, or ADR. U.S.-listed shares have tumbled nearly 21% year to date. Medical device manufacturer Smith & Nephew may also take a hit from tariffs. The British company has 54% of its revenue stemming from the U.S. The company has already felt the effects of Trump’s trade war through the tariffs on Chinese imports. CEO Deepak Nath said the company has “significant” manufacturing in China for its wound segment. Smith & Nephew is also traded in the U.S. through an ADR. Year to date, U.S.-listed shares have jumped 14%. Music streaming giant Spotify relies on the U.S. for more than one-third of its revenue, according to BofA. The Swedish company trades in the U.S. under an ADR, which has jumped 26% in 2025. Despite the potential tariff risks, analysts remain optimistic on the stock. The majority of those covering Spotify rate it a buy or strong buy, with the consensus price target indicating nearly 15% upside potential, according to FactSet. — CNBC’s Michael Bloom contributed to this report. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
