[{"status":"public","publisher":"Elsevier BV","_id":"59673","user_id":"36049","volume":80,"citation":{"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>.","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} }","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>","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>.","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>","short":"S.T. Wengerek, A. Uhde, B. Hippert, Finance Research Letters 80 (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>."},"quality_controlled":"1","oa":"1","title":"Share price reactions to tariff imposition announcements during the first Trump administration","year":"2025","author":[{"id":"48837","full_name":"Wengerek, Sascha Tobias","first_name":"Sascha Tobias","orcid":"0000-0002-7820-3903","last_name":"Wengerek"},{"full_name":"Uhde, André","first_name":"André","last_name":"Uhde","id":"36049"},{"id":"48476","last_name":"Hippert","first_name":"Benjamin","full_name":"Hippert, Benjamin"}],"publication_identifier":{"issn":["1544-6123"]},"date_updated":"2026-05-27T10:58:22Z","publication_status":"published","intvolume":"        80","article_type":"original","main_file_link":[{"open_access":"1"}],"article_number":"107381","language":[{"iso":"eng"}],"doi":"10.1016/j.frl.2025.107381","publication":"Finance Research Letters","abstract":[{"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.","lang":"eng"}],"date_created":"2025-04-25T05:44:31Z","type":"journal_article","keyword":["Geopolitical risk","Protectionism","Strategic trade policy","Tariffs","Trade conflict","U.S. – China trade war"],"department":[{"_id":"19"}]},{"type":"working_paper","keyword":["event study","international relations","protectionism","strategic trade policy","tariffs","trade conflict"],"department":[{"_id":"186"},{"_id":"19"}],"date_created":"2022-01-13T11:06:25Z","abstract":[{"text":"Employing a unique sample of 2,849 tariff imposition announcements by and against the United States (U.S.) over the period from 2018 to 2019, this study analyzes the impact of recent tariff announcements on share prices from 859 U.S. companies. We provide evidence for negative (cumulative) average abnormal stock returns due to tariff announcements during a symmetric three-day event window. We suggest that stock market investors expect adverse impacts of tariff impositions, e.g. a decrease in the companies’ future cash flows and a threat of retaliation. The negative wealth effects are observed irrespective of whether the Trump administration announces safeguard tariffs to protect domestic firms or a retaliation is declared by foreign countries. Moreover, building several subsamples, we find that the adverse impact is mostly driven by announcements involving China and is associated with a variety of sector, tariff, trade and firm characteristics. ","lang":"eng"}],"citation":{"mla":"Wengerek, Sascha Tobias, and André Uhde. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – an Event Study of the Trade Conflict</i>. 2021.","bibtex":"@book{Wengerek_Uhde_2021, title={Share Price Reactions to Tariff Imposition Announcements in the Trump Era – an Event Study of the Trade Conflict}, author={Wengerek, Sascha Tobias and Uhde, André}, year={2021} }","ama":"Wengerek ST, Uhde A. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – an Event Study of the Trade Conflict</i>.; 2021.","ieee":"S. T. Wengerek and A. Uhde, <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – an Event Study of the Trade Conflict</i>. 2021.","apa":"Wengerek, S. T., &#38; Uhde, A. (2021). <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – an Event Study of the Trade Conflict</i>.","chicago":"Wengerek, Sascha Tobias, and André Uhde. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – an Event Study of the Trade Conflict</i>, 2021.","short":"S.T. Wengerek, A. 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We provide evidence for negative (cumulative) average abnormal stock returns due to tariff announcements during a symmetric three-day event window. We suggest that stock market investors expect adverse impacts of tariff impositions, e.g. a decrease in the companies' future cash flows and a threat of retaliation. The negative wealth effects are observed irrespective of whether the Trump administration announces safeguard tariffs to protect domestic firms or a retaliation is declared by foreign countries. Moreover, building several subsamples, we find that the adverse impact is mostly driven by announcements involving China and is associated with a variety of sector, tariff, trade and firm characteristics.","lang":"eng"}],"citation":{"chicago":"Wengerek, Sascha Tobias. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era - An Event Study of the Trade Conflict</i>, 2020.","short":"S.T. Wengerek, Share Price Reactions to Tariff Imposition Announcements in the Trump Era - An Event Study of the Trade Conflict, 2020.","ama":"Wengerek ST. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era - An Event Study of the Trade Conflict</i>.; 2020.","bibtex":"@book{Wengerek_2020, title={Share price reactions to tariff imposition announcements in the Trump era - An event study of the trade conflict}, author={Wengerek, Sascha Tobias}, year={2020} }","mla":"Wengerek, Sascha Tobias. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era - An Event Study of the Trade Conflict</i>. 2020.","apa":"Wengerek, S. T. (2020). <i>Share price reactions to tariff imposition announcements in the Trump era - An event study of the trade conflict</i>.","ieee":"S. T. 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We provide evidence for negative (cumulative) average abnormal stock returns due to tariff announcements during a symmetric three-day event window. We suggest that stock market investors expect adverse impacts of tariff impositions, e.g. a decrease in the companies' future cash flows and a threat of retaliation. The negative wealth effects are observed irrespective of whether the Trump administration announces safeguard tariffs to protect domestic firms or a retaliation is declared by foreign countries. Moreover, building several subsamples, we find that the adverse impact is mostly driven by announcements involving China and is associated with a variety of sector, tariff, trade and firm characteristics. "}],"citation":{"short":"S.T. Wengerek, A. Uhde, Share Price Reactions to Tariff Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict, Paderborn University, 2019.","chicago":"Wengerek, Sascha Tobias, and André Uhde. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict</i>. Paderborn University, 2019.","ieee":"S. T. Wengerek and A. Uhde, <i>Share price reactions to tariff imposition announcements in the Trump era – An event study of the trade conflict</i>. Paderborn University, 2019.","apa":"Wengerek, S. T., &#38; Uhde, A. (2019). <i>Share price reactions to tariff imposition announcements in the Trump era – An event study of the trade conflict</i>. Paderborn University.","bibtex":"@book{Wengerek_Uhde_2019, title={Share price reactions to tariff imposition announcements in the Trump era – An event study of the trade conflict}, publisher={Paderborn University}, author={Wengerek, Sascha Tobias and Uhde, André}, year={2019} }","ama":"Wengerek ST, Uhde A. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict</i>. Paderborn University; 2019.","mla":"Wengerek, Sascha Tobias, and André Uhde. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict</i>. Paderborn University, 2019."},"keyword":["event study","international relations","protectionism","strategic trade policy","tariffs","trade conflict"],"type":"working_paper","department":[{"_id":"186"},{"_id":"188"}],"date_created":"2023-01-11T10:57:04Z"}]