Looming tariff on imports from China as a major risk factor

With the recently announced tariffs, investors are concerned regarding firms’ exposure to the tariff target countries. We highlight 12 companies with significant Chinese imports discussed in earnings calls since January 2025:

Heavy exposure (50%+)

• e.l.f. Beauty $ELF: In Q2’25, ELF reported ~80% of their production was in China, down from 99% in 2019 (Q2’25, Nov 06).
• Steven Madden $SHOO: 58% of goods imported into the US are sourced from China (Q4’24, Feb 26).
• AKA Brands $AKA: Primarily sources out of China. Management noted pricing flexibility and said 2025 Adj. EBITDA guidance already reflects all enacted tariffs (Q4’24, Mar 06).

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Moderate exposure (20-30%)

• Boot Barn $BOOT: ~30% of its on-order inventory is sourced from China. Management values China's product quality and reliability and has no plans to fully exit the region (Q3’25, Jan 30).
• Helen of Troy $HELE: Exposure to incremental tariffs now accounts for 25–30% of COGS, with continued progress on reducing reliance (Q3’25, Jan 08; Q2’25, Oct 09).
• Yeti Holdings $YETI: Shifted 20% of global Drinkware capacity outside of China in Q4’24, leaving ~20% of its COGS tied to Chinese sources. Expects 80% of US capacity to be outside China by 2025. Management estimates the new 10% tariff (yes, the tariff was at 10% back in those halcyon days of February) on Chinese goods will have a sub-$10M impact for the year (Q4’24, Feb 13).

Mid-to-high teens

• Floor & Decor $FND: 16% of Q4 products imports originated from China (Q4’24, Feb 20).
• Newell Brands $NWL: Imports from China account for ~15% of its COGS (Q4’24, Feb 07).
• Cactus Inc $WHD: 13% of its production is exposed to China. WHD expects rising US steel prices due to tariffs, and its Bossier City production was at least 35% more expensive than the Far East supply chain (Q4’24, Feb 27).
• MSC Industrial Direct $MSM: 10% of its COGS originates from China, but the company is the importer of record for less than 5. Implemented modest price increases in late March, primarily on Chinese imports, contributing ~0.5% to pricing (Q2’25, Apr 03).
• WD-40 Company $WDFC: APAC accounts for 15% of its FY24 revenue (FY24 10-K), with 5% y/y growth in China through distribution expansion. Operations in China are stable due to a localized supply chain and Chinese nationals managing the business (Q2’25, Apr 8).

Semiconductor sector highlights

• Ultra Clean $UCTT: Direct China revenue was ~$40 million or 7.1%, down from $55M in Q3. The decline was due to demand softness in China relating to extended qualification timeliness and inventory digestion in semi-cap. Manufacturing capabilities in China help mitigate export restrictions (Q4’24, Feb 24).
• Arista Networks $ANET: Absorbing some China-specific tariffs on behalf of its customers (Q4’24, Feb 18).

Follow us on X for real-time call coverage and tariff updates. For related coverage, see our earlier blog on how US firms view rising trade tensions with Canada.