What is the right course of action?

You answered correctly by choosing to allow both the tram and the motorcycle to pass first.

According to German traffic rules, trams have priority at intersections unless otherwise indicated. When you encounter a yield sign and see a tram approaching, you must let the tram go first because public transport vehicles are given priority.

Additionally, when turning left, you must also give way to oncoming vehicles that are going straight or turning right, such as the motorcycle in this situation.

So your correct actions are:
- Yield to the tram, as it has priority due to the yield sign and the general rule favoring trams.
- Yield to the oncoming motorcycle since you are turning left and the motorcycle is going straight.

This ensures safety and compliance with right-of-way rules in Germany.