article published yes Sascha Tobias Wengerek author 488370000-0002-7820-3903 André Uhde author 36049 Benjamin Hippert author 48476 19 department 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. Elsevier BV2025 eng Geopolitical riskProtectionismStrategic trade policyTariffsTrade conflictU.S. – China trade war 1544-612310.1016/j.frl.2025.107381 80 @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} } 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> 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>. S.T. Wengerek, A. Uhde, B. Hippert, Finance Research Letters 80 (2025). 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>. 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>. 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> 596732025-04-25T05:44:31Z2026-05-27T10:58:22Z