Uncertainty about tariffs is skyrocketing: A record 44% of S&P 500 companies have discussed tariffs so far on their Q4 2024 earnings calls. This exceeds the previous high seen in 2018 in the last US-China trade war. At the same time, the trade policy uncertainty index is now at its highest since 2019. On Friday, President Trump said he will announce reciprocal tariffs “on many countries” this week. More market volatility is coming.