The market reaction to Donald Trump’s decision to impose tariffs on Canada, Mexico and China has been swift and unsurprising. Whether this marks the beginning of a sustained fall in global share prices or just a temporary wobble remains to be seen. But I can see a few dividend stocks UK investors might want to consider buying for passive income if the former proves to be the case.

Tesco

Supermarket giant Tesco (LSE: TSCO) looks attractive when it comes to generating extra cash. Its domestic market focus means it’s shielded, to some extent (but not completely), from the impact of international tariffs.

Based on analyst forecasts, Tesco stock changes hands at a forecast price-to-earnings (P/E) ratio of 13 for FY26 (beginning in March). That’s not cheap for a consumer defensive stock. But it’s still reasonable relative to the UK market as a whole. A near-4% dividend yield is also more than investors would receive from a fund that simply tracks the FTSE 100.

Sure, ongoing and intense competition means this will always be a low-margin business. Higher National Insurance Contributions and an increase to the Minimum Wage from April are additional headwinds.

Yet Tesco has not only managed to hold on to its crown but grow its market share in recent years. That speaks volumes. And regardless of what President Trump does next, we all still need to eat.

National Grid

Power-provider National Grid (LSE: NG) might be another option to consider. While it does have exposure to the US, its primary role is operating the UK’s electricity and gas transmission networks. Again, this is something we simply can’t do without and helps to explain why the shares are actually up today (3 February).

Of course, no investment is ever without risk. And existing holders of National Grid certainly didn’t react well to news last May that the company would be reducing its payouts to help fund its transition to renewable energy sources.

Still, the forecast yield for FY26 currently stands at 4.8%. And having already cut the payout once, I suspect management would be unwilling to do so again.

Debt is (very) high but the predictable nature of what the Grid does helps to soothe any concerns about this.

MONY Group

Price comparison website operator MONY Group (LSE: MONY) is a third stock worth pondering. As things stand, analysts have the FTSE 250 member down to yield a mighty 6.8% at the current share price.

Unfortunately, at least some of the latter is down to the poor performance of the shares. A good dollop of this can be blamed on “persistent soft market conditions” in its Home Services division. The surge in wholesale energy prices has meant a lack of competitive deals and fewer people switching providers.

Full-year numbers from the owner of Moneysupermarket.com are due on 17 February. I’m not expecting fireworks. But any slight improvement could make the valuation — just 11 times forecast FY25 earnings — look like a bargain.

Regardless of what happens, the underlying business has quality hallmarks. Thanks to its online-only nature, we’re talking sky-high margins and above-average returns on the cash management puts to work.

Could this be yet another UK company that gets snapped up on the cheap?