The US tariffs that hung over the market like a storm cloud have finally been announced, but the question for credit has just turned from "what will they be?" to "what do they actually mean?"

In an attempt to answer this question, our analysts combed through 9fin’s data to find which industries and credit could be most impacted by tariffs in the high yield universe.

“We have some deals lined up, some divi recaps, some refinancings. But we're not risking issuing this week,” said a banker. “We're hopeful next week there's some clarity on impacts, things have been digested, and we can launch."

Swiss aircraft caterer gategroup and cruise company Scenic seems to be among those that has pre-marketed but waiting for clearer skies to launch.

Everyone we have spoken to is watching for the inevitable counterpunch — or signs of negotiation from the European Union and other trading partners. While we wait, we will probably see spreads widen and primary activities come to a halt.

"The counter-tariff is the main potential negative headline that still has to hit the tape," said a buyside analyst.