Brace for it.
Skyworks Solutions is in first place among S&P 500 (^GSPC) companies with the greatest revenue exposure to China, according to research (see below) from UBS. Other big names that do a large amount of business in China include Qualcomm (QCOM) - Get Report , Qorvo (QRVO) - Get Report , Micron (MU) - Get Report and Broadcom (AVGO) - Get Report .
UBS believes the mere prospect of a trade war with China could weigh on shares of many S&P 500 companies with out-sized exposure to China.
"With the IP investigation, we see rising risks of trade actions against China and given inherent difficulties of a tariff on IP, tariffs could be placed on select China imports, which total $500 billion," says UBS strategist Keith Parker. "Thus, headline risk could be notable, but implementation of any tariff would be challenging making a broad impact less likely -- across industries, imports from China are greatest for cell phones, tech hardware, apparel, semis and various consumer goods."
You may also want to put Tesla (TSLA) - Get Report on the list given the automaker's exposure to the country. The company is fresh off announcing a letter of memorandum to open a plant to make cars in China to help reduce costs. Further, Tesla said recently it will raise prices in China as a result of the trade war.
More on Tesla's future from TheStreet here.