Trump’s tariffs: Unpacking the EU’s market reaction
通过事件研究法分析2025年2月26日特朗普对欧关税公告的影响，发现该公告降低了欧盟STOXX 600成分股公司的异常收益率和累计异常收益率，且影响因行业和公司规模而异。
ABSTRACT This paper explores the effect of 26 February 2025 Trumps’ tariffs announcement against Europe. As a mean of event-study analysis, we find that the announcement led to a reduction of firms’ abnormal return (AR), raw return and cumulative abnormal return (CAR) listed on the EU STOXX 600, and that its effect changes according to firms’ operating industry and size. Our results confirm the EU market dependence from US policies, warning about its vulnerability.