According to The Kobeissi Letter, President Trump announced reciprocal tariffs on 185 countries simultaneously, marking one of the largest tariff implementations in U.S. history. This announcement led to a dramatic erasure of $2 trillion in market capitalization from S&P 500 futures within just 15 minutes. This significant market movement highlights the sensitivity of equity markets to trade policy changes and underscores the potential for increased volatility in the trading environment. Traders should consider the implications of these tariffs on global trade dynamics and potential impacts on specific sectors within the S&P 500.