Investing.com — President Donald Trump’s comments on potential 25% tariffs targeting imports from Canada and Mexico have sparked concerns among European companies with supply chains in these two countries. country, but greater returns than US asset exposure.

In a note on Thursday, Bank of America (BofA) highlighted that many European companies are particularly vulnerable to these tariffs because of their supply chain and revenue dependencies.

Among them is Stellantis (NYSE:), the Italian car manufacturer. According to BofA, the company has 16 supply chain links in Canada and derives 47% of its revenue from North America (NA), although it reports no visible asset exposure to the US.

Similarly, BMW (ETR:), another automotive giant from Germany, has 18 supply chain links in Canada and derives 26% of its revenue from the US, while its asset exposure to the US is at 18%.

National Grid (LON :)), a UK utilities firm with a €58 billion market cap, has a significant footprint in the US, with 50% of its assets and 54% of its revenue tied to the region. Although the tangible supply chain links in Mexico and Canada are few, the heavy exposure to the US makes it vulnerable to tariff disruptions.

In the industrial sector, in Switzerland Holcim (SIX:) relies on NA markets for 39% of its revenue, along with 5 supply chain links in Canada and 3 in Mexico.

Spain’s Ferrovial, which generates 50% of its revenue from the US, also appears on BofA’s radar, although its supply chain links to the two target countries are minimal.

Some notable mentions include Tenaris (BIT :), an Italian energy company, with 9 supply chain links in Canada and Mexico, and 52% of its revenue is tied to North America. In addition, Denmark Vesta Wind Systems (CSE:) has 14 supply chain links in Canada and derives 37% of its revenue from NA.

Even the health care sector is showing exposure. Switzerland-based Lonza Group AG ( SIX: ) maintains four supply chain connections in Canada while generating 32% of its revenue from the US.

German chemical company Brenntag AG (ETR:) has two Canadian and Mexican supply chain links, with 36% US revenue exposure, while Switzerland’s food and beverage giant Nestle SA (SIX:) operates 8 Canadian and 10 Mexican supply chain links and has earned and 35% of its revenue comes from the US.

Other companies listed on BofA are AstraZeneca (NASDAQ:), ABB Ltd (SIX:), Mercedes Benz Group AG (ETR:), Volkswagen (ETR:), Epiroc (ST:), and others.