Here are the most exposed European exporters
U.S. President Donald Trump speaks with members of the press before boarding Marine One on the South Lawn of the White House on January 16, 2026 in Washington, DC.
Tom Brenner | Getty Images
US President Donald Trump has threatened a wave of increased tariffs against many European allies, sparking alarm for industry and businesses in the region.
Trump on Saturday vowed to impose 10 percent tariffs on Britain, Denmark, Norway, Sweden, France, Germany, the Netherlands and Finland by Feb. 1 and stepped up his push to make Greenland, a self-governing Danish territory, part of the United States.
Trump said that the tax applied to these countries will increase to 25 percent as of June 1.
European political leaders are scheduled to hold urgent talks in the coming days as they consider their response; Retaliatory measures and broader punitive economic policies are reportedly on the table.
CNBC examines some of the industries expected to be most exposed to Trump’s tariff threats.
automobiles
Europe’s automobile giants It is assessed that this trade, which was hit hard by Trump’s back-and-forth trade policies last year, will once again be greatly exposed.
It is widely accepted that the automotive industry is seriously vulnerable to tariffs, especially given the high level of globalization of supply chains and heavy reliance on manufacturing operations in North America.
of Germany volkswagen, bmwAnd Mercedes-Benz Group It was all trading down more than 2.5% on Monday morning and was traded in Milan Stellantis It last saw a decline of around 2.1%.
Mohit Kumar, Jefferies’ chief European economist, said Trump’s tariffs clearly represent a negative development for the economic outlook for Germany, which has traditionally been seen as Europe’s growth engine.
“If we get tariffs, and of course we have to see how the geopolitical situation plays out, then the chemical, industrial and automotive sectors will be the most affected, and these will directly fuel Germany’s growth,” Kumar told CNBC’s “Europe Early Edition” on Monday.
Among the eight European countries threatened by Trump’s Greenland tariffs, Germany has by far the largest trade surplus with the United States, followed by France and the United Kingdom, according to data from Eurostat, the EU’s statistical office.
Luxury
Luxury stocks appeared largely insulated from US-EU trade tensions in the first quarter of last year, given their strong pricing power and ability to pass on additional costs to consumers.
But analysts warned at the time that the tariffs were likely to lead to a broader economic crisis, with spillover effects for even the wealthiest consumers.
A Christian Dior luxury store in Paris on July 22, 2025.
Cyril Marcilhacy/Bloomberg via Getty Images
Trump’s proposed tariffs single out France, home to the industry’s leading companies, along with seven other European countries LVMH And Kering.
Shares of LVMH and Kering were down about 3.5% and 2.6% on Monday morning. Luxury groups including Switzerland richemontof italy Brunello Cucinelliand Britain burberryit was also trading lower.
Pharmacy
Europe’s pharmaceutical industry could face a significant impact from proposed US tariffs on medicines and pharmaceutical products. Represents the EU’s largest export to the USA
According to Eurostat data, the EU’s pharmaceutical exports to the USA amounted to 84.4 billion euros (98.1 billion dollars) in the first three quarters of last year, while machinery and mechanical parts (68.3 billion euros) and organic chemicals (66.3 billion euros) were left behind in the same period, according to Eurostat data.
Some of the industry’s biggest European names were down slightly Monday morning on Trump’s latest tariff threats.
Denmark’s Novo Nordisk fell 2.1 percent and Switzerland’s fell 2.1 percent. Roche fell 0.3% and France sanofi It fell 0.9% in early trading. based in Switzerland NovartisMeanwhile, it traded 0.3% higher.
Energy
Europe’s oil and gas stocks may be indirectly affected by Trump’s latest tariff threats due to factors such as weakening global demand, falling crude oil prices and increasing supply chain costs.
oil prices It was last traded slightly lower amid growing concerns about the trade war between the US and Europe and what that could mean for global demand.
Norway’s Ekinor It was among the energy stocks that led the sector’s losses, falling nearly 3.4% on Monday. of france Total Energiesbritain’s ShellAnd blood pressure fell between 1% and 1.5% respectively.
Storage tanks at the Northern Lights carbon capture and storage project controlled by Equinor ASA, Shell Plc and TotalEnergies SE in Blomoyna, Norway, on Friday, January 19, 2024.
Bloomberg | Bloomberg | Getty Images
Ozan Özkural, founder and managing partner of Tanto Capital, said that Trump’s latest tariff threats should not be unexpected and warned that they would have a broad impact on European sectors.
Speaking to CNBC’s “Squawk Box Europe” program on Monday, Özkural said, “Welcome to 2026. I think this year will be a year where we will talk more about what it means for the United States not to play ball with its traditional allies.”
“It will have an impact on oil prices, commodity prices, stock markets, debt markets, private loans. You name it, we have it,” Özkural said.
