These stocks will be the winners and losers of rising U.S.-China trade tensions, Wall Street says

Tensions are ratchetting up between U.S. and its major trading partners. In the latest, Bloomberg on Wednesday reported that the Biden administration is considering a wide-sweeping rule to clamp down on companies exporting their critical chipmaking equipment to China. That follows new tariff rates on $18 billion worth of Chinese imports — including electric vehicles, solar products and steel as well as aluminum — that the Biden administration announced in May.

Each one percentage point drop in sales-weighted GDP would cause a 10% decrease in European stocks' earnings-per-share, said Goldman. Overall, the total hit to Europe's earnings-per-share would be about six to seven percentage points, the bank said. "If the entire impact came in 2025 this would be enough to eliminate any growth that year ," Goldman wrote.

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