Magnetospheric effects associated with variations of the north‐south component of the interplanetary magnetic field (IMF) are examined in light of recent experimental and theoretical results. Although the occurrence of magnetospheric substorms is statistically related to periods of southward IMF, the details of the interaction are not understood. In particular, attempts to separate effects resulting directly from the interaction between interplanetary and geomagnetic fields from those associated with substorms have produced conflicting results. One can, however, say with some assurance that the transfer of magnetic flux from the day side to the night side magnetosphere, as evidenced by equatorward motion of the polar cusp and increases of the magnetic energy density in the lobes of the geomagnetic tail, is a direct consequence of the southward IMF. On the other hand, the formation of a macroscopic X‐type neutral line at tail distances less than 35 RE appears to be a substorm phenomenon. Although other plasma and field phenomena in the outer magnetosphere and at low altitudes may be directly associated with the southward IMF, the evidence is less convincing. The quantitative results that have been obtained are compared with current theoretical models of the reconnection process.