Later this month, Donald Trump will be inaugurated as the new President of the United States. He has already made it clear that imports from around the world could be subject to tariffs. Even though it appears he will target countries such as China, the UK might also come under pressure.

Here are two UK stocks that export a lot to the US to keep an eye on.

Needing a drink

The first is Diageo (LSE:DGE). The international drinks firm has seen the share price fall by 11% over the past year.

It’s struggled over this period due to weaker performance in Latin America and the Caribbean. Diageo shares also came under pressure in October due to news that China would impose precautionary anti-dumping tariffs on brandy imported from Europe. This is already one case of how governments can influence the actions of companies in this sector.

The concern going forward is that the US remains one of the largest markets for the business. This has been a problem in the past. In 2019, the US imposed a 25% tariff on Scotch whisky as part of a trade dispute, which caused Diageo to report a substantial negative impact on sales in the US.

If similar measures were to be put on alcohol this time around, Diageo could face another uncertain period. It could pass price increases onto customers, which could lower demand. Or it could absorb the tariff, lowering profit margins.

However, Diageo could increase US production to avoid potential tariffs. It could also focus on other profitable markets outside of the US. History shows that Diageo can remain profitable despite difficulties with import and export restrictions around the world, and this could be no different.

Supplying US companies

Another company I’m watching is Rolls-Royce (LSE:RR). The growth stock‘s done incredibly well over the past year and has risen by 93%.

The firm’s seen continued benefits from the transformation efforts under CEO Tufan Erginbilgiç. The key civil aerospace division has rebounded from the pandemic problems, along with higher demand for defence and power systems markets.

This is all great, but one risk for the year ahead is that the business has a decent presence in the US, supplying engines to major US aircraft manufacturers such as Boeing. If the new President chooses to impose tariffs on aerospace components this could hurt Rolls-Royce. This could also factor in with the President trying to push for more domestic production for US companies like Boeing.

We’ll have to wait and see what actions Trump will take on British (or simply put non-US) goods and services. It might be a storm in a teacup, or it could be that he’ll focus his efforts on other countries instead. Therefore, I’m not writing off investing in these stocks in 2025, but rather keeping a close eye on them in the coming months to have a clearer view.