Companies that may lose in US-China trade tensions

Widespread boycotts of American products in China could hit brands including Nike, General Motors, Ford Motor and Tiffany & Co, while US sanctions would put Chinese electronics exporters such as Lenovo Group and ZTE under pressure, according  to Credit Suisse

Risk scenarios

The MSCI China Index could fall by as much as 30% from current levels if the US and China impose 45% tariffs on each other, according to Jonathan Garner, a Morgan Stanley strategist

Companies including wireless technology firm GoerTek and apparel maker Regina Miracle earn more than 70% of their revenue from the US, according to Morgan Stanley

Semiconductor makers Ambarella and Texas Instruments lead American firms in the MSCI US index earning most of their sales from China, Garner said

Overall, US equities have more to lose than their Chinese counterparts in a trade war, at least in the view of Morgan Stanley’s Garner. While almost 10% of companies in the MSCI US index derive at least a tenth of their sales from China

Garner sees the biggest beneficiaries being Chinese energy, entertainment, technology and tourism companies, along with US telecommunications and semiconductor businesses

A positive scenario is hard to envisage for those focused on Trump’s warnings on the campaign trail