Tech companies that source a large part of their supplies from China could suffer under a second Trump term, according to Citi. With Donald Trump winning his reelection bid last week, U.S.-China trade tensions are anticipated to ramp up. During his campaign, Trump proposed a universal tariff of up to 20% on all imports and a higher 60% levy on Chinese goods. Under such an economic proposal, companies with the most exposure to Chinese manufacturing could take a hit. Uncertainty also remains whether the Biden administration’s CHIPS Act — which supports domestic semiconductor manufacturing — will stay intact going forward. Although it was a bipartisan program, Trump criticized the bill during his campaign, and House Speaker Mike Johnson has remarked that the Republican party will try to repeal the law. Citi analyst Atif Malik shared a basket of stocks that have China manufacturing exposure and could therefore face ramifications going forward. Here were some names from the list: Logitech International , down 18% on the year, was one name on the list. The company has been able to allay tariff effects in the past; a feat that it could hopefully pull off again this time around, per Citi. “About 40% manufacturing is in China, and the rest is through their contract providers (60%). They were slightly impacted by tariffs last time round but they were able to mitigate most of the impact and the last round of tariffs which was expected to be more meaningful never went through,” Malik wrote. Analysts are generally neutral on the computer peripherals manufacturer, with four of the eight covering the stock rating it as a hold, LSEG data shows. That said, Logitech’s average price target implies a potential upside of 20%. “Magnificent Seven” titan Apple was another name on the list. Shares of the iPhone maker have advanced 17% this year. While the company has a very high exposure to Chinese manufacturing, Malik said that Apple is currently making efforts to diversify its supply chain. “China is the main manufacturing location for Apple with more than 90% manufacturing in China, in our estimates,” the analyst said. “Apple is pushing for more diversified supply chain, aiming to bring 25% iPhone manufacturing to India by 2028, up from 14% currently.” Most analysts covering the name have assigned Apple either a strong buy or buy rating, per LSEG. The average price target represents more than 8% upside for the stock. Networking technology provider Juniper Networks has surged 31% this year. The company currently has a diverse portfolio of sourcing exposure, Malik wrote. “Manufacturing is primarily conducted through contract manufacturers and original design manufacturers with manufacturing locations in China, Malaysia, Mexico, Taiwan, and Vietnam,” he added. Analysts are overwhelmingly neutral on the stock, with the average price target implying an upside of less than 2%. Other names on the list included data storage company Western Digital and specialty glass manufacturer Corning .
