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

Overall, the FTSE All Share index is down 1% since 5 November, with the FTSE 100 hitting a three-month low last week.

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

While the rhetoric seems largely focused on China and Mexico, tariffs of some sort are likely to be imposed on all foreign goods. Several UK companies are also exposed to Asian markets, which could suffer if China’s gross domestic product (GDP) declines.

I’ve identified two FTSE shares in particular that could be hurt by strict import tariffs.

Prudential

Insurance giant Prudential (LSE: PRU) is heavily exposed to Asian markets, having shifted focus towards the region in recent years. Only a month ago, the stock rose on news of Chinese stimulus measures. Those gains were short-lived after the measures failed to meet market expectations.

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

It seems Prudential can’t catch a break. But the underlying company’s still solid. New business profit increased 11% in the latest third-quarter results, with sales up 10% compared to Q3 2023.

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

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

Anglo American

Anybody watching markets will know this week has been devastating for European mining stocks. This was a two-fold hit coming from both US dollar growth and China’s disappointing stimulus measures.

Anglo American (LSE: AAL), along with fellow miners Rio Tinto, Antofagasta and Glencore, fell nearly 10% in the past week. With mineral sales heavily dependent on Chinese trade, the combined threat of low stimulus and trade tariffs took its toll.

Gold and silver didn’t escape the sell-off, falling 4.4% and 2.8% respectively. Platinum, Anglo’s biggest money spinner, also took a 2.8% fall.

It’s not all doom and gloom. Anglo recently sold off £850m worth of steelmaking coal assets, helping to shore up its balance sheet. With further sales planned, it could claw its way back to profitability. Earnings are forecast to turn positive in the coming months.

The falling price may reignite interest from Australian mining giant BHP, which attempted a takeover of Anglo American earlier this year. A fresh offer could boost share price growth.

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