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Investors should consider defensively oriented consumer stocks over disrectionary shares after President Trump's latest tariff announcement, Oppenheimer analysts said Thursday.

The analysts in a note said stocks like Arm & Hammer brand owner Church & Dwight ( CHD ), Costco Wholesale ( COST ), over-the-counter products company Prestige Consumer Healthcare ( PBH ), and Walmart ( WMT ) could hold up better than those of companies like appliance maker Sharkninja ( SN ) and Target ( TGT ).

"Assuming the announced tariffs come to fruition, we clearly favor our defensive Outperform-rated names along with Ulta Beauty ( ULTA ) over more discretionary names" in the short term, Oppenheimer's note said.

Trump late yesterday announced a broad set of global tariffs , which have injected fresh turmoil into markets. Read Investopedia's live coverage of today's trading here .

If material tariffs stay in place and retailers are forced to raise prices, Oppenheimer said, consumer spending could take a hit. Some retailers, however, might see a near-term boost in spending as shoppers look to spend before price hikes arrive.

Some beauty products makers, such as e.l.f. Beauty ( ELF ) and Helen of Troy ( HELE ), could find it hard to maintain profit margins under the tariff regime, even with higher prices and productivity, according to Oppenheimer.

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