After the Supreme Court ordered roughly US$100 billion in tariff refunds to import heavy corporations and curbed the president’s power to impose duties under emergency rules, trade policy suddenly feels less predictable and more interesting for investors. Some stocks now sit closer to the flow of refunded cash and shifting tariff tools than others. This article walks through three US large cap import dependent stocks that are closely tied to this story.

The three stocks that follow are only a starting sample from this theme, and the full screen surfaced 20 more large cap companies with equally compelling import and tariff narratives that are not covered below. To size up the full opportunity set, head straight into the US Large Cap Import-Dependent Companies screener to identify, compare, and analyze the highest conviction ideas across this import dependent group.

Plexus (PLXS)

Overview: Plexus is an outsourced electronics manufacturer that helps customers in healthcare, aerospace and defense, and industrial markets design, build, and support complex electronic products across a global footprint. The company handles everything from early design and supply chain management to full-scale production and long term product support.

Market Cap: US$7.4b

Plexus sits in the crosshairs of the tariff refund story because it runs a global supply chain and imports a wide range of electronic components. Lower US tariffs and refunds can feed through to reduced input costs. Its “in region, for region” manufacturing model and heavy investment in trade compliance give it flexibility when rules change. At the same time, Plexus operates on thin margins around 4% and is priced on a higher P/E, so setbacks in high growth sectors or any reversal in tariff relief could matter quickly. For investors, the mix of earnings forecasts, sector exposure, and tariff leverage makes Plexus a stock worth watching more closely.

Plexus looks like a tariff refund story hiding inside a higher P/E electronics manufacturer, with thin 4% margins that could amplify every small shift in input costs and sector momentum. Before deciding how that trade off really stacks up, review the 2 key rewards and 1 important warning sign

Build your own tariff refund shortlist

Plexus and the two other stocks in this list all surfaced from a single Simply Wall St screen, but the real edge comes when you start building your own filters. Use our flexible Screener to mix valuation, growth, financial health, and risk checks, or tap into our curated Investing Ideas for ready made shortlists.

Benchmark Electronics (BHE)

Overview: Benchmark Electronics is a Tempe based manufacturer that helps original equipment makers in computing, communications, aerospace and defense, medical, industrial, and semiconductor equipment turn complex designs into finished hardware, from early engineering and prototyping through large scale production and lifecycle support.

Operations: Benchmark Electronics generates about US$1.3b of revenue from the Americas and US$1.2b from Asia, with a smaller US$358 million contribution from Europe and a modest amount of intersegment sales eliminated.

Market Cap: US$3.1b

Benchmark Electronics is tightly wired into the tariff story because it imports components into a large US and North American manufacturing footprint, so refunds and any easing in duties can feed directly into margins for its complex AI, medical, and industrial programs. At the same time, the stock trades on a high P/E, net margins remain low at 1.9%, funding relies heavily on external borrowing, and there has been meaningful insider selling in recent months. This raises questions about how much good news is already reflected in the price. For investors, the combination of tariff sensitive cost structure, AI and semiconductor wins, and execution risk around guidance and capital structure makes Benchmark a company worth a closer look.

Benchmark Electronics sits at the intersection of tariff relief hopes and thin 1.9% margins, which can make every input shift feel magnified. Before the story runs too far ahead of the fundamentals, unpack the 2 key rewards and 1 important warning sign

Jabil (JBL)

Overview: Jabil is a global manufacturing and engineering partner that designs and builds complex electronic products, software, and systems for customers in areas such as 5G, cloud data centers, healthcare, industrial, automotive, and consumer devices.

Operations: Jabil generates most of its revenue from its Intelligent Infrastructure segment at about US$15.8b, followed by Regulated Industries at roughly US$12.4b and Connected Living and Digital Commerce at around US$5.4b.

Market Cap: US$35.6b

Jabil sits in a favorable position within this tariff refund story. It runs an import heavy supply chain for complex electronics and AI infrastructure. Management describes tariff costs as largely pass through and notes that much of its China and Mexico business is already structured to limit US exposure. That combination, plus US$35b of revenue guided for fiscal 2026 and stated AI and pharmaceutical ambitions, has been cited by some analysts as a reason for their expectations of double digit earnings and revenue growth and their view of meaningful upside in their targets. On the other hand, the company’s high P/E, significant use of debt, and pockets of weakness in areas such as EVs and renewables mean that this potential beneficiary of tariff volatility still faces execution and balance sheet risks.

Jabil’s AI and pharmaceutical ambitions sit on top of a high P/E and heavy debt, which can cut both ways. Get the full picture through the analyst forecasts for Jabil that could explain what the market may be missing

Seeking Fresh Alternatives Beyond Tariff Plays

Some of the most interesting breakout stories are still flying under the radar for now. Use fresh stock lists while it matters and before momentum is fully caught, act now.

• Spot companies with strong income potential by scanning a curated 8 dividend fortresses before yields drop and the crowd starts chasing the same defensive payers.
• Hunt for under the radar growth and value combinations with the 17 high quality undiscovered gems before these quieter compounders attract heavier attention and shrink your margin for error.
• Track the backbone of next generation automation via a focused 36 robotics and automation stocks and position ahead of businesses building the hardware and software behind industrial and factory upgrades.

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.