The US tariff cycle is amplifying existing macroeconomic pressures across a wide range of industries.

According to Allianz Trade’s latest Q2 Sector Atlas, nearly 90% of industries are now rated either medium or sensitive risk. Only 9% of sectors are rated low risk, which is well below the pre-pandemic share of 15%. The increase underscores how trade policy uncertainty, rising costs, and weakening demand are reshaping business strategies worldwide.

“Historically, most sectors have fallen between medium and sensitive risk,” said Ano Kuhanathan (pictured), head of corporate research at Allianz Trade. “What’s different now is the number of downgrades among industries that were usually strong.”

Metals and consumer goods feel the first wave; energy loses its shine

The cocktail of higher in

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