FRANKFURT (dpa-AFX) - After a record series that has now lasted four consecutive trading days, the Dax initially found it difficult to break on Tuesday. The day before, the leading index had risen above the 21,000-point mark for the first time on the occasion of Donald Trump's inauguration and had reached a record high of almost 21,055 points. The broker IG now estimated the leading index to be slightly lower: two hours before the start, the Dax was 0.25 percent lower at 20,937 points.

The new US president has staged himself as a savior for America with sharp rhetoric and an "America First" policy, promising a new upswing for the country. In his inaugural address, he promised to reduce inflation, boost energy production and impose import tariffs. He announced high tariffs for imports from Canada and Mexico. The "Wall Street Journal" had previously reported that Trump did not initially want to impose tariffs on trading partners such as Canada, Mexico and China.

UBS wrote this morning that if Trump were to push through with his agenda, it would have a significant economic impact. However, due to financial and political constraints, there is a risk that the measures implemented will fall short of his campaign promises in some cases. "However, we believe it would be premature to assume that any new import tariffs will be limited in size or scope," the UBS commentary said.

The US stock markets, which also set the tone for the Dax, closed the day before. At least the Dow Jones Industrial is expected to open slightly higher on Tuesday./tih/jha/