金融市场对美国关税公告的反应：来自贸易顺差和贸易逆差国家的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-25 DOI:10.1016/j.frl.2025.107465

Amar Rao , Brian Lucey , Satish Kumar

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引用次数: 0

摘要

本研究考察了金融市场对2025年2月1日美国关税公告的反应，该公告对来自墨西哥和加拿大的进口产品征收25%的关税（10%的能源产品除外），并对中国征收10%的关税。研究结果揭示了不对称的市场反应：面临直接关税征收的贸易逆差国表现出沉默和复杂的反应，这表明投资者已经消化了潜在的贸易摩擦或预期的政策逆转。相比之下，贸易顺差国家的caar显著为正，反映出投资者对潜在的贸易再分配利益持乐观态度。

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Financial market reactions to U.S. tariff announcements: Evidence from trade-surplus and trade-deficit countries

This study examines the financial market response to the U.S. tariff announcement on February 1, 2025, which imposed a 25 % tariff on imports from Mexico and Canada (except energy products at 10 %) and a 10 % tariff on China. The results reveal asymmetric market reactions: trade-deficit countries, which faced direct tariff impositions, exhibited muted and mixed responses, suggesting that investors had already priced in potential trade frictions or expected policy reversals. In contrast, trade-surplus countries experienced significant positive CAARs, reflecting investor optimism about potential trade reallocation benefits.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance