The reads below are for when tariffs are raised. Expect the opposite when tariffs are lowered.
Consumer CyclicalUsually hurtsImported clothes, cars and gadgets cost more, and shoppers buy less.
TechnologyUsually hurtsMost hardware is built in the countries the tariffs target.
Basic MaterialsUsually helpsUS steel, aluminum and chemical makers face less foreign competition.
Consumer DefensiveUsually hurtsImported food and household goods cost more.
IndustrialsUsually hurtsImported parts cost more; some US factories gain customers.
Communication ServicesLittle effectLittle direct link.
EnergyLittle effectLittle direct link.
Financial ServicesLittle effectLittle direct link.
HealthcareLittle effectLittle direct link.
Real EstateLittle effectLittle direct link.
UtilitiesLittle effectLittle direct link.
AluminumUsually helpsTariffs let US aluminum makers charge more.
Apparel RetailUsually hurtsClothes are made abroad.
Auto ManufacturersUsually hurtsCars and parts cross borders many times before they are sold.
Auto PartsUsually hurtsParts cross borders many times before a car is finished.
Consumer ElectronicsUsually hurtsPhones and laptops are assembled in the countries tariffs target.
Farm ProductsUsually hurtsOther countries retaliate against American farm exports first.
SteelUsually helpsTariffs let US steelmakers charge more.
Agricultural InputsUsually hurtsFarmers buy less fertilizer when their exports are hit.
Marine ShippingUsually hurtsLess trade means fewer containers to carry.
SemiconductorsUsually hurtsOther countries tend to retaliate against chips.