Here are the most exposed European exporters
U.S. President Donald Trump speaks to members of the press before boarding Marine One on the South Lawn of the White House on Jan. 16, 2026 in Washington, DC.
Tom Brenner | Getty Images
U.S. President Donald Trump has threatened a rising wave of tariffs on several European allies, raising the alarm for industries and businesses across the region.
Trump on Saturday pledged to impose 10% tariffs on the U.K., Denmark, Norway, Sweden, France, Germany, the Netherlands, and Finland by Feb. 1, ramping up his push to make Greenland, a self-governing Danish territory, a part of the United States.
The levy on these countries will rise to 25% from June 1, Trump said.
European political leaders are set to hold emergency talks over the coming days as they consider their response, with retaliatory measures and broader punitive economic policies reportedly on the table.
CNBC takes a look at some of the sectors expected to be the most exposed to Trump’s tariff threats.
Autos
Europe’s car giants, which were hit hard by Trump’s back-and-forth trade policies last year, are considered to be highly exposed once again.
The automotive sector is widely regarded as acutely vulnerable to levies, particularly given the high globalization of supply chains and the heavy reliance on manufacturing operations across North America.
Germany’s Volkswagen, BMW, and Mercedes-Benz Group were all trading more than 2.5% lower on Monday morning, with Milan-listed Stellantis last seen down by around 2.1%.
Mohit Kumar, chief European economist at Jefferies, said Trump’s tariffs clearly represent a negative development for Germany’s economic outlook, a country traditionally seen as Europe’s growth engine.
“If we do get tariffs, and, of course, we have to see how the geopolitical situation pans out, then … the chemicals, industrials, autos sectors, these will be the most impacted, which directly feeds to German growth,” Kumar told CNBC’s “Europe Early Edition” on Monday.
Of the eight European countries threatened by Trump’s Greenland tariffs, Germany, by far, enjoys the greatest trade surplus with the U.S., followed by France and the U.K., according to data from Eurostat, the EU’s statistical office.
Luxury
Luxury stocks were seen as largely sheltered from U.S.-EU trade tensions in the first quarter of last year, given their robust pricing power and ability to pass on added costs to consumers.
Analysts warned at the time, however, that the prospect of tariffs ushering in a broader economic downturn could have spillover effects, even for the wealthiest shoppers.
A Christian Dior luxury store in Paris on July 22, 2025.
Cyril Marcilhacy/Bloomberg via Getty Images
Alongside seven other European countries, Trump’s proposed tariffs single out France, which is home to the likes of industry bellwether LVMH and Kering.
Shares of LVMH and Kering fell around 3.5% and 2.6% on Monday morning. Luxury groups, including Switzerland’s Richemont, Italy’s Brunello Cucinelli, and Britain’s Burberry, were also…
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