---
_id: '29313'
abstract:
- lang: eng
  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. '
author:
- first_name: Sascha Tobias
  full_name: Wengerek, Sascha Tobias
  last_name: Wengerek
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  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.
  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>.
  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} }'
  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.
  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.
  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.
  short: S.T. Wengerek, A. Uhde, Share Price Reactions to Tariff Imposition Announcements
    in the Trump Era – an Event Study of the Trade Conflict, 2021.
date_created: 2022-01-13T11:06:25Z
date_updated: 2024-04-17T13:35:20Z
department:
- _id: '186'
- _id: '19'
jel:
- F14
- F18
- F23
- F51
keyword:
- event study
- international relations
- protectionism
- strategic trade policy
- tariffs
- trade conflict
language:
- iso: eng
status: public
title: Share Price Reactions to Tariff Imposition Announcements in the Trump Era –
  an Event Study of the Trade Conflict
type: working_paper
user_id: '21810'
year: '2021'
...
---
_id: '17703'
abstract:
- lang: eng
  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.
author:
- first_name: Sascha Tobias
  full_name: Wengerek, Sascha Tobias
  id: '48837'
  last_name: Wengerek
  orcid: 0000-0002-7820-3903
citation:
  ama: Wengerek ST. <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>.
  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} }'
  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.
  ieee: S. T. Wengerek, <i>Share price reactions to tariff imposition announcements
    in the Trump era - An event study of the trade conflict</i>. 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.
  short: S.T. Wengerek, Share Price Reactions to Tariff Imposition Announcements in
    the Trump Era - An Event Study of the Trade Conflict, 2020.
date_created: 2020-08-07T09:34:29Z
date_updated: 2022-01-06T06:53:17Z
department:
- _id: '186'
jel:
- F14
- F18
- F23
- F51
keyword:
- event study
- international relations
- protectionism
- strategic trade policy
- tariffs
- trade conflict
language:
- iso: eng
main_file_link:
- url: https://ideas.repec.org/p/pdn/dispap/59.html
page: '63'
status: public
title: Share price reactions to tariff imposition announcements in the Trump era -
  An event study of the trade conflict
type: working_paper
user_id: '48837'
year: '2020'
...
---
_id: '36004'
abstract:
- lang: eng
  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. '
author:
- first_name: Sascha Tobias
  full_name: Wengerek, Sascha Tobias
  last_name: Wengerek
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  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.
  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} }'
  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.
  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.
  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.
date_created: 2023-01-11T10:57:04Z
date_updated: 2023-01-11T11:05:30Z
department:
- _id: '186'
- _id: '188'
jel:
- F14
- F18
- F23
- F51
keyword:
- event study
- international relations
- protectionism
- strategic trade policy
- tariffs
- trade conflict
language:
- iso: eng
publication_status: published
publisher: Paderborn University
status: public
title: Share price reactions to tariff imposition announcements in the Trump era –
  An event study of the trade conflict
type: working_paper
user_id: '21810'
year: '2019'
...