Creditors and restructuring advisors are scrutinizing retailers and consumer products companies exposed to the Trump administration’s unpredictable tariff regime, particularly those reliant on Chinese manufacturing.

“For certain retailers, it feels like the first few months of the pandemic,” said a sector advisor, who noted that companies have no way to model their businesses amidst the uncertainty.

President Donald Trump has doubled down on imposing tariffs on China in recent days even as he delays the implementation of his so-called reciprocal tariffs to give countries other than China time to negotiate with the US. Tariffs on Chinese goods now stand at 145% and rise further for some categories of products when earlier tariffs are applied, according to frequently changing guidance from the White House.

“The China tariffs are so severe it’s almost effectively an embargo,” said a buysider. Companies can try to find alternative manufacturing sites, but this will be challenging in categories like small electronics and power tools where China is the dominant producer, he said.

Debtwire spoke to several market participants across investors and advisors to identify some of the companies most exposed to the tariffs rolled out since Trump’s 2 April “Liberation Day” announcement and other firms less at risk.