---
_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'
...