1. Caterpillar Inc.
While Caterpillar has complained about tariffs increasing costs, it has also quietly gained from the boost in domestic infrastructure spending. With the U.S. government pushing “Buy American” policies in response to the trade crisis, domestic construction companies will be turning to American-made heavy machinery, according to Dawit Woldemariam of Morningstar. That puts Caterpillar in a favorable position, especially as overseas rivals face steeper import costs. Sales have remained resilient despite global headwinds, thanks to this shift.
Caterpillar has also leaned into price hikes, passing on tariff costs to customers who still need their equipment. The company’s pricing power has helped preserve profit margins even amid higher raw material costs. And as Chinese construction equipment faces import duties, Caterpillar’s U.S.-based production looks more appealing. The trade crisis may hurt in the short term, but it’s giving Caterpillar room to dominate at home.
2. Tyson Foods
Meat might not seem like a geopolitical pawn, but it is. As China retaliated with tariffs on U.S. pork and beef, American producers initially took a hit—but then global supply chains adjusted. African swine fever wiped out huge numbers of Chinese pigs, and suddenly Tyson’s exports were back in demand despite the tariffs, according to Erica Shaffer of MEAT + POULTRY. Prices went up, and Tyson was in a prime position to benefit.
At home, American consumers have seen meat prices rise, but Tyson has managed to protect its market share. With fewer foreign competitors able to undercut them, Tyson is now facing less pricing pressure. The trade crisis also encouraged Tyson to look beyond China and diversify its global buyers. In the end, a little chaos has given Tyson a stronger global footing.
3. U.S. Steel
Steel tariffs were one of the first salvos in the trade war, and U.S. Steel was one of the earliest beneficiaries. While manufacturers complained about rising costs, U.S. Steel saw demand surge from companies scrambling for domestically produced metal. Their plants, some of which were facing closures, suddenly got a second wind. Stock prices briefly surged as optimism returned.
Although long-term gains have been mixed, the short-term benefits were real. Domestic steel prices rose sharply, padding margins for a time. U.S. Steel also received a PR boost from being a symbol of industrial revival. The trade crisis gave them a lifeline, even if it came with controversy.
4. Whirlpool Corporation
When the U.S. slapped tariffs on imported washing machines, Whirlpool got exactly what it wanted, according to Milan Sehmbi of Business Insider. For years, it had argued that unfair foreign competition—especially from South Korean brands—was hurting its business. The tariffs gave Whirlpool a temporary pricing advantage, allowing it to reclaim some market share. Sales got a notable bump in the quarters following the tariff announcements.
While appliance prices rose across the board, Whirlpool’s brand recognition helped it stay competitive. Consumers already familiar with the brand were willing to pay a bit more, especially with fewer cheap imports on shelves. The company also took the chance to double down on its U.S.-based manufacturing narrative. In the short term, the trade crisis gave Whirlpool breathing room it hadn’t seen in years.
5. Intel
At first glance, a tech company like Intel might seem like collateral damage in a trade war. But as tensions pushed companies to re-shore or diversify their supply chains away from China, Intel saw opportunity. More companies began sourcing chips domestically, and Intel—already a U.S.-based giant—was there to meet the demand, according to Arsheeya Bajwa of Reuters. Its investment in U.S. fabrication plants started to look like a very smart move.
Intel also benefited from government incentives designed to boost domestic semiconductor production. While other firms scrambled to adjust, Intel’s long-term presence in the U.S. gave it a leg up. Customers seeking reliability amid trade uncertainty gravitated toward its products. It’s not flashy, but the crisis played directly into Intel’s strengths.
6. Deere & Company
As agricultural exports got caught in the crossfire of retaliatory tariffs, American farmers turned inward—and that helped Deere. With less certainty in global markets, U.S. farmers focused more on boosting productivity at home. That meant investing in newer, more efficient equipment, and Deere was the go-to name. The company saw stable, even rising, sales in a market many feared would slump.
Deere also tapped into government subsidies provided to farmers hurt by the trade war. That extra cash helped cushion the blow and encouraged purchases. Meanwhile, foreign competitors saw their U.S. sales dip due to higher import costs. All of this quietly pushed Deere into an enviable position despite the turbulent backdrop.
7. Dollar Tree
The discount retail sector thrives when consumers feel uncertain—and the trade war definitely created anxiety. With prices rising on a range of goods, shoppers flocked to Dollar Tree for bargains. The company leaned into its value-focused image and made strategic adjustments to its supply chain. It even began shifting some sourcing away from China before tariffs made it mandatory.
Dollar Tree’s ability to pivot quickly became a key strength. Unlike big-box retailers with rigid systems, Dollar Tree was nimble and cost-conscious. That helped it weather cost increases better than some competitors. In a time of crisis, being the cheaper option is a powerful place to be.
8. Boeing (Pre-737 Max crisis)
Before its troubles with the 737 Max, Boeing was quietly benefiting from trade pressures in a surprising way. As tensions rose, the U.S. pushed more aggressively for allies to buy American-made goods—including aircraft. Boeing secured a number of defense and commercial deals that were politically motivated. Those deals helped offset early concerns about Chinese order cancellations.
The company also benefited from a growing distrust of Chinese-made tech and equipment, which extended into aviation. Boeing remained a symbol of American industrial strength, and that branding helped secure government contracts. Even amid diplomatic tension, many countries preferred dealing with Boeing over its Chinese rivals. The trade crisis gave Boeing geopolitical leverage—until its own crisis took center stage.
9. Tesla
Tesla might seem like an odd pick, but the trade crisis gave it a rare kind of global spotlight. As the U.S. and China tussled, Tesla worked both sides skillfully—getting tariff exemptions from the Chinese government for its Shanghai factory. That allowed it to continue selling cars in China with fewer penalties than rivals. Meanwhile, back in the U.S., Tesla emphasized its American manufacturing credentials.
Elon Musk played both governments like a chessboard, securing subsidies and incentives by promising jobs and innovation. Tesla’s unique global appeal insulated it from some of the worst fallout. While other automakers saw disrupted supply chains, Tesla had already built more vertical integration into its model. Ironically, the trade war may have made Tesla look even more future-proof.
10. Procter & Gamble
Procter & Gamble has always thrived on understanding consumer behavior—and the trade crisis made people more cost-conscious. The company leaned into its diverse brand portfolio, pushing lower-priced lines more aggressively as tariffs raised prices. Its broad manufacturing footprint helped it adjust quickly to shifting duties and costs. That flexibility made it more competitive when rivals struggled to adapt.
P&G also benefited from shifting sentiment about foreign goods. As consumers began to favor “Made in USA” products, P&G’s home-grown image helped it shine. With familiar brands and deep retail ties, it captured a bigger share of wallet. While others stumbled, P&G used the chaos to tighten its grip on the household essentials market.
11. Lockheed Martin
As international tensions rose, U.S. allies increased defense spending—and Lockheed Martin was there to reap the rewards. The trade crisis was part of a broader geopolitical shift that included rising military budgets worldwide. Lockheed’s portfolio of fighter jets, missile systems, and defense tech became even more desirable. Nations sought to strengthen ties with the U.S., and that often meant buying American weapons.
The company also benefited from bipartisan support for increasing the U.S. defense budget. With global threats front and center, few lawmakers were willing to cut spending on national security. Lockheed had already proven it could scale production and deliver cutting-edge systems. In a world on edge, that was a recipe for profit.
12. Walmart
It’s no secret that Walmart relies on China for a huge chunk of its inventory—but here’s the twist: the retail giant turned the trade crisis into an operational masterclass. Walmart was one of the first to aggressively diversify its supply chain, locking in alternative suppliers across Southeast Asia and Latin America. It also leaned into its private-label brands, where it had more pricing control. That allowed it to maintain low prices while competitors scrambled.
Walmart also got political brownie points for being seen as a stable source of affordable goods. In towns where inflation was biting, Walmart became a lifeline. The company’s logistics network proved nearly unshakable, and that gave it pricing power. In a world of rising costs, being Walmart meant you still had the upper hand.
