Here are the US conglomerates that'll be hit hardest by Trump escalating the trade war with China

Ticker: MMM

2018 China sales exposure: 10%

2018 expected gross tariff headwind as a % of cost of goods sold: 0.1%

2019 share price performance: negative 5%

Market cap: $104 billion

RBC commentary:

"Expects $100 mil of cost headwinds (or 10-15c of EPS) from tariffs in 2019. However, pricing gains should more than offset cost inflation to keep the price/cost spread positive."

Ticker: GTES

2018 China sales exposure: 9%

2018 expected gross tariff headwind as a % of cost of goods sold: 0.6%

2019 share price performance: positive 18%

Market cap: $5 billion

RBC commentary:

"Sized total tariff impact at $10-$15 mil in 2018. Expects to offset input pressures with pricing and/or productivity given its manufacturing footprint, +60% replacement market focus, and brand strength."

Ticker: IEX

2018 China sales exposure: 9%

2018 expected gross tariff headwind as a % of cost of goods sold: 0.6%

2019 share price performance: positive 22%

Market cap: $12 billion

RBC commentary:

"One of the sector's 'Price-Makers', with positive price-cost YTD; focuses on maintaining its 20-40 bps of pricing net of inflation spread; the company's pricing actions include a combination of actual price increases and surcharges."

Ticker: DHR

2018 China sales exposure: 9%

2018 expected gross tariff headwind as a % of cost of goods sold: 0.3%

2019 share price performance: positive 28%

Market cap: $94 billion

RBC commentary:

"Tariffs expected to be a $12-$13 mil per quarter headwind. Four-pronged countermeasures: (1) price increases; (2) changes to supply chain; (3) modifying manufacturing locations; and (4) seeking exemptions for certain products."

Ticker: AME

2018 China sales exposure: 9%

2018 expected gross tariff headwind as a % of cost of goods sold: 0.2%

2019 share price performance: positive 27%

Market cap: $20 billion

RBC commentary:

"Sizes $125 mil of tariff impact in FY2019, up significantly from $25 mil in FY2018. EMR's fiscal year starts in Sept, which may elevate its FY2019 tariff impact vs. peers. Aims to pass through price increases to keep price/cost net neutral."

Ticker: FTV

2018 China sales exposure: 8%

2018 expected gross tariff headwind as a % of cost of goods sold: 1.6%

2019 share price performance: positive 23%

Market cap: $28 billion

RBC commentary:

"Section 232 should have a small impact, but Section 301's focus on electronics will impact Fluke and Tektronix. Fortive's strong pricing power and global supply chain/manufacturing footprint helps offset any inflationary pressures."

Ticker: GGG

2018 China sales exposure: 8%

2018 expected gross tariff headwind as a % of cost of goods sold: 1.0%

2019 share price performance: positive 22%

Market cap: $8 billion

RBC commentary:

"Mixed exposure to tariffs; US-centric manufacturing model suggests more products need to cross borders, but Graco's robust gross margins and pricing power help offset tariff pressures; managed situation in 2018 and expects to pass ~2.0ppts in pricing in 2019."

Ticker: IR

2018 China sales exposure: 7%

2018 expected gross tariff headwind as a % of cost of goods sold: 0.6%

2019 share price performance: positive 34%

Market cap: $30 billion

RBC commentary:

"Expects gross tariff headwinds to be ~$70/~$100 mil in 2018/2019; saw some pause in China Industrial frontlog activity in 3Q18; baking in a jump to 25% tariffs, though does not expect to capture any spread as pricing should adjust."

Ticker: ETN

2018 China sales exposure: 7%

2018 expected gross tariff headwind as a % of cost of goods sold: 0.4%

2019 share price performance: positive 17%

Market cap: $34 billion

RBC commentary:

"Sizes $65 mil tariff impact for 2018 and expects to offset it with price and cost-out with no negative EPS impact; expects an incremental $100 mil headwind in 2019; more concentrated in Electrical."

Ticker: HON

2018 China sales exposure: 7%

2018 expected gross tariff headwind as a % of cost of goods sold: <0.1%

2019 share price performance: positive 30%

Market cap: $125 billion

RBC commentary:

"Confident that 2018 tariff impacts should be 'minor'; coping with direct and indirect pressures through pricing increases (~2/3) and alternative sourcing (~1/3); 2019 headwinds could be 'hundreds of millions.'"

Ticker: JCI

2018 China sales exposure: 6%

2018 expected gross tariff headwind as a % of cost of goods sold: 0.3%

2019 share price performance: positive 34%

Market cap: $35 billion

RBC commentary:

"Assumes full impact of Section 232 and 301 tariffs, which will present a $130-$140 mil cost headwind, split roughly evenly between FY2018 and FY2019. Expects to maintain positive price/cost spread in FY2019."

Ticker: DOV

2018 China sales exposure: 6%

2018 expected gross tariff headwind as a % of cost of goods sold: 0.2%

2019 share price performance: positive 37%

Market cap: $14 billion

RBC commentary:

Sized a $55 mil commodity headwind for 2018 (-6% EPS headwind) including a minor contribution from tariffs; evaluating potential alternative sourcing.