Jefferies said in a research report that among European banks, manufacturing loans account for the highest share of loans from the Bank of Italy, and goods exported to the US produced by the manufacturing industry are the targets of recently announced tariffs. Manufacturing exposure accounts for about 7% of European bank loan books. Italy's Banco BPM, Bper Banca, Yushin Bank, and Banco San Paolo in Italy have the largest risk exposure, with more than 10% of loans invested in manufacturing companies. Analysts wrote that according to data up to June of last year, BPM had the highest risk exposure, with manufacturing loans accounting for 19% of its total loan volume. The Spanish Foreign Bank's manufacturing loan exposure also exceeds 10%, but most of it relates to the bank's operations in Turkey and Latin America, and these businesses will be subject to a basic tariff rate of 10%. Mexico, Spain's largest foreign bank market, has been exempted from this round of tariffs.

Jefferies said in a research report that among European banks, manufacturing loans account for the highest share of loans from the Bank of Italy, and goods exported to the US produced by the manufacturing industry are the targets of recently announced tariffs. Manufacturing exposure accounts for about 7% of European bank loan books. Italy's Banco BPM, Bper Banca, Yushin Bank, and Banco San Paolo in Italy have the largest risk exposure, with more than 10% of loans invested in manufacturing companies. Analysts wrote that according to data up to June of last year, BPM had the highest risk exposure, with manufacturing loans accounting for 19% of its total loan volume. The Spanish Foreign Bank's manufacturing loan exposure also exceeds 10%, but most of it relates to the bank's operations in Turkey and Latin America, and these businesses will be subject to a basic tariff rate of 10%. Mexico, Spain's largest foreign bank market, has been exempted from this round of tariffs.