China has decided to impose a 34% tariff on all U.S. goods, as a retaliatory measure against U.S. President Donald Trump, which is expected to have a significant impact on various industries. Some of the sectors and companies in the U.S. that are likely to face the most significant consequences are:

1. Planes: Boeing is anticipated to bear the brunt of China's retaliatory tariffs, as its planes will become pricier compared to competitors like Airbus and Commercial Aircraft Corporation of China (COMAC). Despite not imposing tariffs on Boeing during the initial trade war, China saw a decline in Boeing sales and deliveries post-2019 due to fatal crashes of MAX 8 jets and escalating tensions between the two countries. Top Chinese airlines like Air China, China Eastern Airlines, and China Southern Airlines have orders for a considerable number of Boeing planes between 2025-2027, which might be affected by the increased prices.

2. Semiconductors: China imports around $10 billion worth of chips from the U.S. annually, with a significant portion being CPUs from Intel. Additionally, Micron, a U.S. memory chipmaker, may face repercussions as some of its chips sold in China are imported from the U.S. However, imports of Nvidia's artificial intelligence chips, produced and assembled in Taiwan, remain unaffected by the tariffs.

3. Farm Equipment: U.S. farm equipment companies like Caterpillar, Deere & Co, and AGCO will be adversely impacted by the 34% retaliatory tariffs imposed by China, compounded by an earlier 10% tariff imposed in March.

4. Agriculture: The U.S. agricultural sector is expected to be severely affected, as China is the largest market for U.S. agricultural products. Moreover, China has suspended import qualifications for specific agricultural products from U.S. companies such as sorghum and poultry meat and bone meal due to food safety concerns.