If President Donald Trump’s long-awaited tariff announcement on Wednesday results in a full-blown trade war with China, Goldman Sachs has some ideas of stocks to avoid. Trump is slated to unveil his trade plans , which were a focal point of his election campaign, at 4 p.m. ET. While the full policy is not yet known, Trump said it is intended to be “reciprocal,” and White House press secretary Karoline Leavitt said any levies should be going into effect immediately. Uncertainty around these taxes on trade partners has hampered the stock market. The S & P 500 has fallen more than 4% in 2025 and at points fell into a correction, which refers to a drop of at least 10% from a recent high. China is of particular concern given it is considered a key trade partner with the U.S. Critics of Trump’s plans have raised alarm that affected countries can — and in some cases already have — hit back with retaliatory measures of their own. Given this environment, Goldman Sachs screened for stocks with revenue exposure of at least 25% to the Greater China region, as reported in 2023 fillings. By the firm’s definition, this region also includes Taiwan. Here are 10 that made the list: Nvidia is one of several chipmakers on the list, clocking 39% revenue exposure to the region. It comes during a pullback for shares, with the artificial intelligence darling’s stock down more than 17% in 2025 after two years of monster gains. Following that turmoil, Wall Street expects a rebound ahead for the megacap tech giant and retail investor favorite. The average analyst polled by LSEG has a buy rating and price target suggesting shares can rebound about 58%. Beyond chips and AI, casino stocks are also represented on the list with Las Vegas Sands and Wynn Resorts . This can be explained by the companies’ presences in Macao, a gambling destination that has earned the nickname the “Las Vegas of Asia.” Las Vegas Sands has 63% revenue exposure as of 2023. While shares have tumbled more than 24% year to date, most analysts have a buy rating and the average price target implies shares can rally nearly 50%, per LSEG. Wynn Resorts, meanwhile, recorded 47% revenue exposure to the Greater China region. Wynn has outperformed its peer, with shares sliding about 4% in 2025. The majority of analysts surveyed by LSEG also have a buy rating, with an average price target implying more than 37% upside. WYNN LVS YTD mountain Wynn vs. Las Vegas Sands, year to date 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!
