Using HWWI own CGE model, this study assesses the short-run impact of the current U.S. tariff regime (as of Fall/Winter 2025) on Hamburg. At the aggregate level, GDP and employment effects for Germany, the EU, and Hamburg are close to zero, while the United States faces a stagflationary outcome. Sectoral shifts are pronounced: water transport weakens due to softer goods trade, air-transport-related activities benefit modestly from regional consumption, Hamburg’s (parts-oriented) automobile industry gains a relative advantage over suppliers from other non-U.S. regions, and pharmaceuticals see small losses. Policy advice includes deepening Hamburg’s international trade links, maintaining low EU tariffs or strengthening free trade among non-U.S. regions, and further diversifying Hamburg’s trade portfolio.