These American companies could lose in a trade war with China

A trade war with China could be very bad news for some of America’s largest companies.

Stocks sank Thursday as investors worried about the Trump administration’s announcement of new tariffs on Chinese imports.

If China retaliates, life may become difficult for Apple, Boeing, Intel and other multinational companies in the Dow and S&P 500 that have started to do more business in the world’s most populous nation.

Apple (AAPL) generated $18 billion in revenue — 20% of its total sales — from China in just its most recentquarter. Boeing’s (BA) China sales last year were nearly $12 billion, almost 13% of its overall revenue.

Chip giant Intel (INTC) — as well as fellow semiconductor firms Texas Instruments (TXN), Nvidia (NVDA), Micron(MU) and Qualcomm (QCOM) — also have a big presence in China thanks to manufacturing plants there and Chinese tech companies that use their processors.

The Trump administration just blocked Singapore-headquartered Broadcom’s (AVGO) proposed takeover of Qualcomm as well, adding to some geopolitical tensions.

Dow component Nike (NKE), which will report its latest results after the markets close Thursday, sold $1.2 billion of sneakers and athletic apparel in China in its last quarter. That’s 15% of the House of Swoosh’s total revenue.

Post-It and Scotch Magic Tape maker 3M (MMM), also in the Dow, generated 10% of its sales from China last year too. And sales in China were up 16% in 2017, compared to just 1.5% in the United States.

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