The international house Jefferies considers Greek banks to be the least exposed to US tariffs. Its top pick includes, among others, the National Bank.

The Trump administration says the House unveiled a series of reciprocal tariffs on imported goods. While not directly targeted, banks could suffer spillover effects through lower GDP growth and negative impacts on the creditworthiness of the sectors they finance.

Spanish, French, and Greek banks appear to be in a better position given their countries’ relatively low exposure to US exports and manufacturing. Our top picks in these areas, the firm says, are GLE (Societe Generale), ETE, and BBVA (Banco Bilbao).

E.E.: The second largest source of deficit for the U.S.

The European Union generates the second largest trade deficit in the U.S.A. after China the report says, explaining that it accounts for over $200 billion of the U.S. trade deficit.

The Eurozone‘s largest exporters to the US in 2024, in absolute terms, were Germany (€161 billion), Ireland (€72 billion), Italy (€64 billion), and France (€47 billion). The European countries with the largest GDP exposure to trade with the US are Ireland (13.5% as a percentage of GDP), Belgium (5.4%), Netherlands (3.8%), Germany (3.7%), and Italy (3.0%). Portugal, France, Spain and Greece are the least exposed (with exports of less than 2% to the US).

Most US imports are of automobiles, machinery, energy, and consumer goods, with the majority, however, in the manufacturing sector.