---
_id: '59673'
abstract:
- lang: eng
  text: This study analyzes the impact of tariff imposition announcements on the stock
    prices of 1,194 U.S. companies during the first Trump administration, using a
    unique sample of 4,624 announcements made by or against the U.S. between January
    2018 and August 2019. We find that tariff announcements lead to negative (cumulative)
    average abnormal stock returns. These negative wealth effects occur regardless
    of whether the Trump administration imposes safeguard tariffs to protect domestic
    industries or foreign countries announce retaliatory tariffs. Moreover, the adverse
    impact is primarily driven by announcements involving China, with variations linked
    to sector-specific, tariff, trade, and firm characteristics.
article_number: '107381'
article_type: original
author:
- first_name: Sascha Tobias
  full_name: Wengerek, Sascha Tobias
  id: '48837'
  last_name: Wengerek
  orcid: 0000-0002-7820-3903
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
- first_name: Benjamin
  full_name: Hippert, Benjamin
  id: '48476'
  last_name: Hippert
citation:
  ama: Wengerek ST, Uhde A, Hippert B. Share price reactions to tariff imposition
    announcements during the first Trump administration. <i>Finance Research Letters</i>.
    2025;80. doi:<a href="https://doi.org/10.1016/j.frl.2025.107381">10.1016/j.frl.2025.107381</a>
  apa: Wengerek, S. T., Uhde, A., &#38; Hippert, B. (2025). Share price reactions
    to tariff imposition announcements during the first Trump administration. <i>Finance
    Research Letters</i>, <i>80</i>, Article 107381. <a href="https://doi.org/10.1016/j.frl.2025.107381">https://doi.org/10.1016/j.frl.2025.107381</a>
  bibtex: '@article{Wengerek_Uhde_Hippert_2025, title={Share price reactions to tariff
    imposition announcements during the first Trump administration}, volume={80},
    DOI={<a href="https://doi.org/10.1016/j.frl.2025.107381">10.1016/j.frl.2025.107381</a>},
    number={107381}, journal={Finance Research Letters}, publisher={Elsevier BV},
    author={Wengerek, Sascha Tobias and Uhde, André and Hippert, Benjamin}, year={2025}
    }'
  chicago: Wengerek, Sascha Tobias, André Uhde, and Benjamin Hippert. “Share Price
    Reactions to Tariff Imposition Announcements during the First Trump Administration.”
    <i>Finance Research Letters</i> 80 (2025). <a href="https://doi.org/10.1016/j.frl.2025.107381">https://doi.org/10.1016/j.frl.2025.107381</a>.
  ieee: 'S. T. Wengerek, A. Uhde, and B. Hippert, “Share price reactions to tariff
    imposition announcements during the first Trump administration,” <i>Finance Research
    Letters</i>, vol. 80, Art. no. 107381, 2025, doi: <a href="https://doi.org/10.1016/j.frl.2025.107381">10.1016/j.frl.2025.107381</a>.'
  mla: Wengerek, Sascha Tobias, et al. “Share Price Reactions to Tariff Imposition
    Announcements during the First Trump Administration.” <i>Finance Research Letters</i>,
    vol. 80, 107381, Elsevier BV, 2025, doi:<a href="https://doi.org/10.1016/j.frl.2025.107381">10.1016/j.frl.2025.107381</a>.
  short: S.T. Wengerek, A. Uhde, B. Hippert, Finance Research Letters 80 (2025).
date_created: 2025-04-25T05:44:31Z
date_updated: 2026-05-27T10:58:22Z
department:
- _id: '19'
doi: 10.1016/j.frl.2025.107381
intvolume: '        80'
keyword:
- Geopolitical risk
- Protectionism
- Strategic trade policy
- Tariffs
- Trade conflict
- U.S. – China trade war
language:
- iso: eng
main_file_link:
- open_access: '1'
oa: '1'
publication: Finance Research Letters
publication_identifier:
  issn:
  - 1544-6123
publication_status: published
publisher: Elsevier BV
quality_controlled: '1'
status: public
title: Share price reactions to tariff imposition announcements during the first Trump
  administration
type: journal_article
user_id: '36049'
volume: 80
year: '2025'
...
---
_id: '21539'
article_number: '101717'
author:
- first_name: Regina
  full_name: Ortmann, Regina
  last_name: Ortmann
- first_name: Matthias
  full_name: Pelster, Matthias
  last_name: Pelster
- first_name: Sascha Tobias
  full_name: Wengerek, Sascha Tobias
  last_name: Wengerek
citation:
  ama: Ortmann R, Pelster M, Wengerek ST. COVID-19 and investor behavior. <i>Finance
    Research Letters</i>. 2020. doi:<a href="https://doi.org/10.1016/j.frl.2020.101717">10.1016/j.frl.2020.101717</a>
  apa: Ortmann, R., Pelster, M., &#38; Wengerek, S. T. (2020). COVID-19 and investor
    behavior. <i>Finance Research Letters</i>. <a href="https://doi.org/10.1016/j.frl.2020.101717">https://doi.org/10.1016/j.frl.2020.101717</a>
  bibtex: '@article{Ortmann_Pelster_Wengerek_2020, title={COVID-19 and investor behavior},
    DOI={<a href="https://doi.org/10.1016/j.frl.2020.101717">10.1016/j.frl.2020.101717</a>},
    number={101717}, journal={Finance Research Letters}, author={Ortmann, Regina and
    Pelster, Matthias and Wengerek, Sascha Tobias}, year={2020} }'
  chicago: Ortmann, Regina, Matthias Pelster, and Sascha Tobias Wengerek. “COVID-19
    and Investor Behavior.” <i>Finance Research Letters</i>, 2020. <a href="https://doi.org/10.1016/j.frl.2020.101717">https://doi.org/10.1016/j.frl.2020.101717</a>.
  ieee: R. Ortmann, M. Pelster, and S. T. Wengerek, “COVID-19 and investor behavior,”
    <i>Finance Research Letters</i>, 2020.
  mla: Ortmann, Regina, et al. “COVID-19 and Investor Behavior.” <i>Finance Research
    Letters</i>, 101717, 2020, doi:<a href="https://doi.org/10.1016/j.frl.2020.101717">10.1016/j.frl.2020.101717</a>.
  short: R. Ortmann, M. Pelster, S.T. Wengerek, Finance Research Letters (2020).
date_created: 2021-03-18T12:02:09Z
date_updated: 2022-01-06T06:55:03Z
department:
- _id: '187'
doi: 10.1016/j.frl.2020.101717
language:
- iso: eng
publication: Finance Research Letters
publication_identifier:
  issn:
  - 1544-6123
publication_status: published
status: public
title: COVID-19 and investor behavior
type: journal_article
user_id: '21222'
year: '2020'
...
---
_id: '17730'
article_number: '101717'
author:
- first_name: Regina
  full_name: Ortmann, Regina
  id: '10020'
  last_name: Ortmann
- first_name: Matthias
  full_name: Pelster, Matthias
  id: '67265'
  last_name: Pelster
  orcid: ' https://orcid.org/0000-0001-5740-2420'
- first_name: Sascha Tobias
  full_name: Wengerek, Sascha Tobias
  id: '48837'
  last_name: Wengerek
  orcid: 0000-0002-7820-3903
citation:
  ama: Ortmann R, Pelster M, Wengerek ST. COVID-19 and investor behavior. <i>Finance
    Research Letters</i>. 2020;37. doi:<a href="https://doi.org/10.1016/j.frl.2020.101717">10.1016/j.frl.2020.101717</a>
  apa: Ortmann, R., Pelster, M., &#38; Wengerek, S. T. (2020). COVID-19 and investor
    behavior. <i>Finance Research Letters</i>, <i>37</i>. <a href="https://doi.org/10.1016/j.frl.2020.101717">https://doi.org/10.1016/j.frl.2020.101717</a>
  bibtex: '@article{Ortmann_Pelster_Wengerek_2020, title={COVID-19 and investor behavior},
    volume={37}, DOI={<a href="https://doi.org/10.1016/j.frl.2020.101717">10.1016/j.frl.2020.101717</a>},
    number={101717}, journal={Finance Research Letters}, author={Ortmann, Regina and
    Pelster, Matthias and Wengerek, Sascha Tobias}, year={2020} }'
  chicago: Ortmann, Regina, Matthias Pelster, and Sascha Tobias Wengerek. “COVID-19
    and Investor Behavior.” <i>Finance Research Letters</i> 37 (2020). <a href="https://doi.org/10.1016/j.frl.2020.101717">https://doi.org/10.1016/j.frl.2020.101717</a>.
  ieee: R. Ortmann, M. Pelster, and S. T. Wengerek, “COVID-19 and investor behavior,”
    <i>Finance Research Letters</i>, vol. 37, 2020.
  mla: Ortmann, Regina, et al. “COVID-19 and Investor Behavior.” <i>Finance Research
    Letters</i>, vol. 37, 101717, 2020, doi:<a href="https://doi.org/10.1016/j.frl.2020.101717">10.1016/j.frl.2020.101717</a>.
  short: R. Ortmann, M. Pelster, S.T. Wengerek, Finance Research Letters 37 (2020).
date_created: 2020-08-08T08:52:14Z
date_updated: 2022-01-06T06:53:19Z
department:
- _id: '186'
- _id: '578'
doi: 10.1016/j.frl.2020.101717
intvolume: '        37'
language:
- iso: eng
publication: Finance Research Letters
publication_identifier:
  issn:
  - 1544-6123
publication_status: published
status: public
title: COVID-19 and investor behavior
type: journal_article
user_id: '67265'
volume: 37
year: '2020'
...
---
_id: '41180'
article_number: '101717'
author:
- first_name: Regina
  full_name: Ortmann, Regina
  id: '10020'
  last_name: Ortmann
- first_name: Matthias
  full_name: Pelster, Matthias
  id: '67265'
  last_name: Pelster
  orcid: ' https://orcid.org/0000-0001-5740-2420'
- first_name: Sascha Tobias
  full_name: Wengerek, Sascha Tobias
  id: '48837'
  last_name: Wengerek
  orcid: 0000-0002-7820-3903
citation:
  ama: Ortmann R, Pelster M, Wengerek ST. COVID-19 and investor behavior. <i>Finance
    Research Letters</i>. 2020;37. doi:<a href="https://doi.org/10.1016/j.frl.2020.101717">10.1016/j.frl.2020.101717</a>
  apa: Ortmann, R., Pelster, M., &#38; Wengerek, S. T. (2020). COVID-19 and investor
    behavior. <i>Finance Research Letters</i>, <i>37</i>, Article 101717. <a href="https://doi.org/10.1016/j.frl.2020.101717">https://doi.org/10.1016/j.frl.2020.101717</a>
  bibtex: '@article{Ortmann_Pelster_Wengerek_2020, title={COVID-19 and investor behavior},
    volume={37}, DOI={<a href="https://doi.org/10.1016/j.frl.2020.101717">10.1016/j.frl.2020.101717</a>},
    number={101717}, journal={Finance Research Letters}, publisher={Elsevier BV},
    author={Ortmann, Regina and Pelster, Matthias and Wengerek, Sascha Tobias}, year={2020}
    }'
  chicago: Ortmann, Regina, Matthias Pelster, and Sascha Tobias Wengerek. “COVID-19
    and Investor Behavior.” <i>Finance Research Letters</i> 37 (2020). <a href="https://doi.org/10.1016/j.frl.2020.101717">https://doi.org/10.1016/j.frl.2020.101717</a>.
  ieee: 'R. Ortmann, M. Pelster, and S. T. Wengerek, “COVID-19 and investor behavior,”
    <i>Finance Research Letters</i>, vol. 37, Art. no. 101717, 2020, doi: <a href="https://doi.org/10.1016/j.frl.2020.101717">10.1016/j.frl.2020.101717</a>.'
  mla: Ortmann, Regina, et al. “COVID-19 and Investor Behavior.” <i>Finance Research
    Letters</i>, vol. 37, 101717, Elsevier BV, 2020, doi:<a href="https://doi.org/10.1016/j.frl.2020.101717">10.1016/j.frl.2020.101717</a>.
  short: R. Ortmann, M. Pelster, S.T. Wengerek, Finance Research Letters 37 (2020).
date_created: 2023-01-31T12:35:33Z
date_updated: 2023-01-31T12:41:28Z
department:
- _id: '590'
doi: 10.1016/j.frl.2020.101717
intvolume: '        37'
keyword:
- Finance
language:
- iso: eng
publication: Finance Research Letters
publication_identifier:
  issn:
  - 1544-6123
publication_status: published
publisher: Elsevier BV
quality_controlled: '1'
status: public
title: COVID-19 and investor behavior
type: journal_article
user_id: '21222'
volume: 37
year: '2020'
...
---
_id: '57936'
article_number: '101321'
author:
- first_name: Jan
  full_name: Riepe, Jan
  id: '86351'
  last_name: Riepe
- first_name: Kristina
  full_name: Uhl, Kristina
  last_name: Uhl
citation:
  ama: 'Riepe J, Uhl K. Startups’ demand for non-financial resources: Descriptive
    evidence from an international corporate venture capitalist. <i>Finance Research
    Letters</i>. 2019;36. doi:<a href="https://doi.org/10.1016/j.frl.2019.101321">10.1016/j.frl.2019.101321</a>'
  apa: 'Riepe, J., &#38; Uhl, K. (2019). Startups’ demand for non-financial resources:
    Descriptive evidence from an international corporate venture capitalist. <i>Finance
    Research Letters</i>, <i>36</i>, Article 101321. <a href="https://doi.org/10.1016/j.frl.2019.101321">https://doi.org/10.1016/j.frl.2019.101321</a>'
  bibtex: '@article{Riepe_Uhl_2019, title={Startups’ demand for non-financial resources:
    Descriptive evidence from an international corporate venture capitalist}, volume={36},
    DOI={<a href="https://doi.org/10.1016/j.frl.2019.101321">10.1016/j.frl.2019.101321</a>},
    number={101321}, journal={Finance Research Letters}, publisher={Elsevier BV},
    author={Riepe, Jan and Uhl, Kristina}, year={2019} }'
  chicago: 'Riepe, Jan, and Kristina Uhl. “Startups’ Demand for Non-Financial Resources:
    Descriptive Evidence from an International Corporate Venture Capitalist.” <i>Finance
    Research Letters</i> 36 (2019). <a href="https://doi.org/10.1016/j.frl.2019.101321">https://doi.org/10.1016/j.frl.2019.101321</a>.'
  ieee: 'J. Riepe and K. Uhl, “Startups’ demand for non-financial resources: Descriptive
    evidence from an international corporate venture capitalist,” <i>Finance Research
    Letters</i>, vol. 36, Art. no. 101321, 2019, doi: <a href="https://doi.org/10.1016/j.frl.2019.101321">10.1016/j.frl.2019.101321</a>.'
  mla: 'Riepe, Jan, and Kristina Uhl. “Startups’ Demand for Non-Financial Resources:
    Descriptive Evidence from an International Corporate Venture Capitalist.” <i>Finance
    Research Letters</i>, vol. 36, 101321, Elsevier BV, 2019, doi:<a href="https://doi.org/10.1016/j.frl.2019.101321">10.1016/j.frl.2019.101321</a>.'
  short: J. Riepe, K. Uhl, Finance Research Letters 36 (2019).
date_created: 2025-01-06T08:28:13Z
date_updated: 2025-01-06T08:28:20Z
doi: 10.1016/j.frl.2019.101321
intvolume: '        36'
language:
- iso: eng
publication: Finance Research Letters
publication_identifier:
  issn:
  - 1544-6123
publication_status: published
publisher: Elsevier BV
status: public
title: 'Startups’ demand for non-financial resources: Descriptive evidence from an
  international corporate venture capitalist'
type: journal_article
user_id: '91345'
volume: 36
year: '2019'
...
---
_id: '57944'
author:
- first_name: Markus
  full_name: Glaser, Markus
  last_name: Glaser
- first_name: Jan
  full_name: Riepe, Jan
  id: '86351'
  last_name: Riepe
citation:
  ama: 'Glaser M, Riepe J. Internal capital market studies in empirical banking: Biases
    due to usage of assets instead of risk capital? <i>Finance Research Letters</i>.
    2014;11(1):47-53. doi:<a href="https://doi.org/10.1016/j.frl.2013.12.001">10.1016/j.frl.2013.12.001</a>'
  apa: 'Glaser, M., &#38; Riepe, J. (2014). Internal capital market studies in empirical
    banking: Biases due to usage of assets instead of risk capital? <i>Finance Research
    Letters</i>, <i>11</i>(1), 47–53. <a href="https://doi.org/10.1016/j.frl.2013.12.001">https://doi.org/10.1016/j.frl.2013.12.001</a>'
  bibtex: '@article{Glaser_Riepe_2014, title={Internal capital market studies in empirical
    banking: Biases due to usage of assets instead of risk capital?}, volume={11},
    DOI={<a href="https://doi.org/10.1016/j.frl.2013.12.001">10.1016/j.frl.2013.12.001</a>},
    number={1}, journal={Finance Research Letters}, publisher={Elsevier BV}, author={Glaser,
    Markus and Riepe, Jan}, year={2014}, pages={47–53} }'
  chicago: 'Glaser, Markus, and Jan Riepe. “Internal Capital Market Studies in Empirical
    Banking: Biases Due to Usage of Assets Instead of Risk Capital?” <i>Finance Research
    Letters</i> 11, no. 1 (2014): 47–53. <a href="https://doi.org/10.1016/j.frl.2013.12.001">https://doi.org/10.1016/j.frl.2013.12.001</a>.'
  ieee: 'M. Glaser and J. Riepe, “Internal capital market studies in empirical banking:
    Biases due to usage of assets instead of risk capital?,” <i>Finance Research Letters</i>,
    vol. 11, no. 1, pp. 47–53, 2014, doi: <a href="https://doi.org/10.1016/j.frl.2013.12.001">10.1016/j.frl.2013.12.001</a>.'
  mla: 'Glaser, Markus, and Jan Riepe. “Internal Capital Market Studies in Empirical
    Banking: Biases Due to Usage of Assets Instead of Risk Capital?” <i>Finance Research
    Letters</i>, vol. 11, no. 1, Elsevier BV, 2014, pp. 47–53, doi:<a href="https://doi.org/10.1016/j.frl.2013.12.001">10.1016/j.frl.2013.12.001</a>.'
  short: M. Glaser, J. Riepe, Finance Research Letters 11 (2014) 47–53.
date_created: 2025-01-06T08:35:07Z
date_updated: 2025-01-06T08:35:17Z
doi: 10.1016/j.frl.2013.12.001
intvolume: '        11'
issue: '1'
language:
- iso: eng
page: 47-53
publication: Finance Research Letters
publication_identifier:
  issn:
  - 1544-6123
publication_status: published
publisher: Elsevier BV
status: public
title: 'Internal capital market studies in empirical banking: Biases due to usage
  of assets instead of risk capital?'
type: journal_article
user_id: '91345'
volume: 11
year: '2014'
...