S&P/ASX 200 Index (ASX: XJO) shares are down 0.18% to 8,508.1 points on Friday.
The world is waiting to see what US President Donald Trump decides to do about the Israel-Iran conflict.
Meanwhile, Hezbollah has threatened to turn US bases into 'duck hunting grounds' if the US intervenes.
The prospect of all-out war in the Middle East has pushed oil prices higher and sent ASX 200 energy stocks soaring recently.
America's call for a massive increase in Western defence spending has also drawn investors' attention to new investment opportunities.
All of this has overtaken tariffs as a key focus for investors in recent weeks.
So, let's just recap.
Image source: Getty Images
Remember the US tariffs? 90-day reprieve ends soon
President Trump announced the US reciprocal tariffs on 2 April. The news caused ASX 200 shares to plunge.
But the rebound was rapid after he announced a 90-day reprieve on the full range of tariffs on 9 April.
After that, markets calmed down while the Trump Administration went into talks with various countries to discuss individual tariff deals.
Then all hell broke loose in the Middle East, making ASX investors forget about tariffs for a while.
But that 90-day reprieve ends on 8 July, and given President Trump's unpredictable nature, who knows what will happen next with tariffs?
So, it's a worthwhile exercise for investors to consider which ASX 200 shares may be immune to the tariffs.
These stocks may provide more short-term stability in one's portfolio.
Blackwattle Large Cap Quality Fund portfolio managers Ray David and Joe Koh reveal two such ASX 200 shares in their recent newsletter.
2 rising ASX 200 shares largely immune to US tariffs: experts
Life360 Inc (ASX: 360)
This ASX 200 technology share is trading at $32.32 on Friday, down 0.58% today, and up 43.1% in the year to date (YTD).
There is no news from the family location app provider today.
David and Koh said Life360 shares were "unduly punished" in the tariff-inspired market meltdown.
The company's business is not materially affected by any direct consequences of US tariff policy, while the company's large and growing user base, mostly in developed markets, is resilient to broader economic weakness, in our view.
The analysts said the company has many tailwinds.
Greater penetration of both the US and global markets provides long-term growth opportunities for the company, along with a nascent advertising revenue stream and new categories for aged care and pet tracking.
And while still early in its growth trajectory, the company has already become cash flow positive, proving up its viability.
Brambles Ltd (ASX: BXB)
This ASX 200 industrial share is trading at a record high of $24.08 on Friday, up 1.6%. The stock has risen 23.9% in the YTD.
There is no price-sensitive news from the wooden pallets manufacturer and distributor today.
David and Koh said Brambles has achieved significant profitability and cash flow gains in recent years due to volume growth and pricing discipline.
They added:
With dominant market shares in its key geographies (Americas, Europe and Asia Pacific), where Brambles is three times the size of its next closest competitor, the company is able to generate attractive returns while investing in better tracking technology and systems.
In the long run, this is likely to further widen their competitive advantage against peers.
Similar to Life360, the company is largely unaffected by tariff issues and is more resilient in a weaker economy than most industrial stocks.
