It’s Trump Tariff Thursday and traders are scrambling to figure out who to sell and who to keep in their portfolios.

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Perhaps surprisingly, FIsher & Paykel Healthcare (ASX:FPH) – a company that produces around 40% of its goods in Mexico – has survived. Or, at least, the share price hasn’t tanked.

“The company does not anticipate a material impact from the US tariffs on its net profit after tax for the 2025 financial year, which ended 31 March 2025,” FPH wrote on Thursday.

But FY26 is a different story. There, Fisher & Paykel expect company costs to increase as well as higher exposure to risk around forex volatility.

The imposition of these major Trump tariffs “may add to that timeframe” framing the company’s expectations around gross margin targets – something investors, for now at least, aren’t too worried about.

In all, investors appear cautiously assured. Of course, once those FY26 costs hit the books, we could see a turnaround in sentiment. But for now, Fisher & Paykel is looking like a defensive.

That could change depending on Trump’s whims.

The company’s Mexican manufacturing operations – comprising some 45% of its total volumes – remain subject to the U.S.-Mexico relationship, a not-entirely-beloved nation-state as far as Trump’s existing rhetoric goes.

Then there’s New Zealand. Some 55% of volumes are made there, but it’s harder to see any kind of drastic breakdown in the relationship between the U.S. and the NZ leading to some situation where a blanket 10% tariff there is escalated.

The bigger risk, then, is Mexico. Because 60% of its volumes in the U.S. are made there – sensibly enough – but “almost all [FPH] products imported into the U.S. from Mexico” satisfy the U.S.-Mexico-Canada Agreement (USMCA).

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For now, no immediate tariff hits. A lucky winner. Shareholders are likely hoping Mexican President Claudia Sheinbaum can continue to uphold her reputation as a “Trump whisperer.”

FPH last traded at $31.76/sh.

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