The stock market taboo word of 2025 has been crowned: the "tariff hammer" has hit the mood of the financial community. Threats or the actual implementation of import duties, counter-tariffs and protectionist measures have caused great volatility on markets worldwide this year. The ongoing uncertainty and heavy media coverage of the issue may have been too much for domestic investors. At the same time, trade barriers run counter to the basic understanding of many stock market participants, who favour open markets and free trade.
"Despite the supposed tariff hammer, many international indices are at record levels, including the ATX. I consider it positive that many investors are not letting themselves be unsettled and have confidence in long-term global economic growth. Equities enable anyone to participate", says Christoph Boschan, CEO of Wiener Börse AG.
About the stock market taboo word
Since 2017, the Vienna Stock Exchange has asked the domestic financial community to nominate the stock market taboo word of the year. The jury's decision is based primarily on topicality, relevance and linguistics. The "tariff hammer" is the first stock market taboo word to win the title for the second time from a thematic perspective: In 2018, during Donald Trump's first term as US president, "punitive tariffs" secured the title of stock market taboo word of the year. "Tariff hammer" follows on from last year's winner, "AI bubble". Other stock market taboos to date:
- 2023: "Stagflation"
- 2022: "Excess profits tax"
- 2021: "Specter of inflation"
- 2020: "Corona-related"
- 2019: "Brexit"
- 2018: "Punitive tariffs"
- 2017: "Negative interest rates"
