Multiple Wall Street firms, including Barclays, Deutsche Bank, Goldman Sachs, and UBS, have expressed concerns about potential economic impacts from upcoming reciprocal tariffs. Barclays dramatically slashed its S&P 500 year-end price target by over 10%, from 6,600 to 5,900, citing potential earnings and economic activity slowdown. While Trump suggests the tariffs might be more 'flexible' and 'lenient' than initially feared, strategists warn of market volatility and potential negative surprises.