FTSE Stocks have reacted in both positive and negative ways to Trump winning the US presidency. However, while some enjoyed gains, many are down as markets struggle to assess the implications of the news.

In general, FTSE All Share the index fell by 1% since November 5, with FTSE 100 hitting a three-month low last week.

Many UK companies rely on sales to the US and the potential for new tariffs on foreign imports could be a disaster.

While the rhetoric seems to focus mostly on China and Mexico, it is possible to impose tariffs on all foreign goods. Several UK companies are also exposed to Asian markets, which could suffer if China’s gross domestic product (GDP) falls.

We have identified two FTSE stocks in particular that could be affected by strict import tariffs.

Prudential

The insurance giant Prudential (LSE: PRU) is heavily exposed to Asian markets, focusing on the region in recent years. Just a month ago, stocks rose on news of China’s stimulus measures. These gains were short-lived after measures failed to meet market expectations.

Then, after Trump’s win was announced, the stock plunged 10%.

Prudential can’t seem to catch a break. But the core company is still solid. New business profit rose 11% in the latest Q3 results, with sales up 10% compared to Q3 2023.

Earnings are forecast to grow 28% per year going forward, with a forward price-earnings ratio Ratio (P/E) of 8.44. Those numbers suggest the stock has good upside potential — but that could change if Trump’s tariffs come to light.

The tariffs — and Trump’s victory — weren’t completely unexpected, so I suspect Prudential already has a plan. If so, he may be able to avoid significant losses. Still, it’s a stock I’d avoid until the eventual outcome of the situation becomes clearer.

Anglo American

Anyone who follows the markets will know that this week has been devastating for Europe mining stocks. This was a double whammy due to the rising US dollar and China’s disappointing stimulus measures.

Anglo American (LSE: AAL), together with fellow miners Rio Tinto, Antofagasta and Glencoreis down nearly 10% in the past week. With mineral sales heavily dependent on Chinese trade, the combined threat of low incentives and trade tariffs has loomed large.

Gold and silver did not escape the selloff, falling 4.4% and 2.8% respectively. Platinum, Anglo’s biggest money distributor, also fell 2.8%.

It’s not all doom and gloom. Anglo recently sold £850m worth of steel-making coal assets, helping to strengthen its balance sheet. With further sales planned, it could resume its path to profitability. Earnings are expected to turn positive in the coming months.

The price drop may reignite interest in the Australian mining giant BHPwhich attempted a takeover of Anglo American earlier this year. A new offering could boost the share price.

For investors looking for a bargain, the current low price could be a good opportunity to consider. But until Trump takes office on Jan. 20, the exact outcome of his tariff plans is unclear.