Fresh Section 301 tariffs of 10% to 12.5% on imports from 60 trading partners are shaking up cost structures for companies that rely on overseas supply, while potentially shifting more production and pricing power back toward U.S. manufacturers. For investors, that creates both opportunity and risk as higher import costs, possible retaliation, and inflation all filter through to earnings and valuations. This article walks through three U.S. domestic manufacturing stocks from our screener that appear especially exposed to these new tariffs, to help you decide whether they might deserve a closer look or a spot on your watchlist.

Miller Industries (MLR)

Overview: Miller Industries manufactures towing and recovery equipment, including wreckers, flat-bed car carriers with hydraulic tilt systems, and multi-vehicle transport trailers used by auto auctions, dealerships, leasing companies, and government customers. It sells primarily through independent distributors across North America and select international markets under brands such as Century, Vulcan, Chevron, and Holmes.

Operations: Miller Industries generates about US$745.5 million in revenue from auto manufacturers, with roughly US$586.8 million from North America and US$158.7 million from foreign markets.

Market Cap: US$585.6 million

Miller Industries provides exposure to a U.S.-focused manufacturer that could see relative benefits as new Section 301 tariffs lift costs for foreign-made equipment, while its own direct China sourcing is described as minimal. The company is already using surcharges and price increases to offset higher input costs and support investment in its U.S. plants, even as recent results show pressure on revenue and earnings. In addition, it has ongoing dividends, active buybacks, and efforts to streamline operations. This creates a situation where both the tariff backdrop and internal changes could matter more than the headline P/E suggests, particularly if demand for complex towing equipment tied to aging and harder-to-repair vehicles strengthens again.

Miller Industries is already leaning on surcharges, U.S. plant investment, and capital returns, but the real story may sit inside one focused snapshot of its fundamentals and tariff exposure in the analysis report for Miller Industries

Steel Dynamics (STLD)

Overview: Steel Dynamics is one of the largest U.S. producers of steel and recycled metals, supplying flat rolled, structural and engineered bar products, steel building components, and recycled aluminum to construction, automotive, manufacturing, energy, transportation, and industrial customers. It also operates extensive metals recycling and aluminum flat rolled operations that feed its mills and serve external buyers.

Operations: Steel Dynamics generates about US$14.6b in revenue from Steel Operations, US$4.5b from Metals Recycling, US$1.5b from Steel Fabrication, US$1.1b from Aluminum, and US$1.7b from other activities, partly offset by a US$2.8b segment adjustment.

Market Cap: US$35.6b

Steel Dynamics provides direct exposure to a U.S. focused steel producer at a time when new Section 301 tariffs make imported steel more expensive. Its domestic footprint, recycling integration, and aluminum ramp-up are notable features. Recent results highlighted demand, shipments, and a fabrication backlog. The company is still working through start up losses in aluminum and relies entirely on external borrowings for liabilities, which adds funding risk. Trade policies are described by the company as beneficial for its competitive position, so an important consideration for investors is how much of this tariff-supported, multi-metal earnings story is already reflected in the stock and how much is still being discounted.

Steel Dynamics sits at the center of tariff supported U.S. steel and aluminum earnings. Yet the full picture of its balance sheet risk, fabrication backlog and multi metal exposure is buried in the analysis report for Steel Dynamics

Cummins (CMI)

Overview: Cummins is a century old U.S. manufacturer of engines and power solutions, supplying diesel and natural gas engines, drivetrain systems, emissions controls, generators, and growing electrified power systems such as batteries and fuel cells to truck makers, industrial customers, data centers, and distributors worldwide.

Operations: Cummins generates about US$10.8b from Engine, US$10.0b from Components, US$12.6b from Distribution, US$7.8b from Power Systems, and US$0.5b from Accelera, partly offset by US$7.7b of intersegment eliminations, with around US$18.7b of revenue from the United States and US$15.2b from international markets including China and India.

Market Cap: US$91.7b

Cummins stands out in this U.S. Domestic Manufacturing Stocks screener because it sits at the crossroads of traditional engines, data center power demand, and cleaner energy solutions, and it is heavily anchored in U.S. operations that could be affected as broad Section 301 tariffs raise costs on imported machinery. Earnings have grown 7.7% per year over five years and Return on Equity is 20.8%, yet recent profitability dipped and the Accelera zero emission segment is still loss making, keeping execution risk on the table. With tariffs potentially shifting more orders toward its EPA 2027 ready engine platforms and large power projects, the key consideration for investors is how this mix of resilience, funding risk, and transition spending compares with the current P/E and analyst expectations.

Cummins looks like an engine powerhouse whose U.S. footing and cleaner power push might be misunderstood. Learn more about its resilience, funding risk, and transition spending in the analysis report for Cummins

The three U.S. domestic manufacturing stocks in this article are only a starting point, and the full U.S. Domestic Manufacturing Stocks screener surfaced 45 more companies with financial strength and tariff sensitive stories that might be just as compelling as these highlights in the U.S. Domestic Manufacturing Stocks screener. Use Simply Wall St to identify, filter, and analyze the exact catalysts and narratives that matter to you so you can focus on the highest conviction opportunities in this theme.

Take Control of Your Investment Journey

If Steel Dynamics or any of these companies sound like a great opportunity, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value the ideal entry point. Once you've made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates. Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives. By uncovering hidden catalysts and risks early, you'll accelerate your decision-making and stay one step ahead of the market.

Seeking Fresh Alternatives Before Others?

Some of the most interesting stocks start moving quietly, then break out while most investors are caught looking back. Use these fresh lists while it matters and focus on early opportunities.

• Spot companies quietly gaining momentum in automation and factory tech by scanning the curated 34 robotics and automation stocks before the trend becomes widely noticed.
• Track potential income workhorses offering sizeable yields with the hand picked 9 dividend fortresses and see which payouts might hold up when others start dropping.
• Zero in on businesses with cleaner debt profiles using the focused list of solid balance sheet and fundamentals (49 results) to help you prioritize resilience while it is still under the radar for now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.