Please stay tuned for important disclosure information at the conclusion of this episode.

Hello and welcome to the Morning Filter.

I'm Susan Jibinsky with Morningstar.

Every Monday before market open, Morningstar Chief U.S. market strategist Dave Sikara,

and I sit down to talk about what investors should have on their radars for the week, some new morning star research, and a few stock ideas. Now, we've got a really busy week ahead. But, Dave, before we get started, I understand there's some special meaning behind this morning's coffee mug you're using. So why don't you tell us about it? Hey, good morning, Susan. Yeah, so for this week, I picked the Iron Man mug. Let's just say, for those of you that know, no, it's a little bit of my own personal tribute this morning for our Black Sabbath lead singer Ozzy Osbourne, who of course sang the song, Iron Man. So, sorry to see you go, Ozzie. Hope you're doing well on the other side. And it was a tough week for our household. In addition to Ozzy, we lost Hulk Hogan, and we are a WWE family over here.

So it was a rough one, but may they both be enjoying themselves on the other side.

Now, that's an interesting combo to see the two of them hanging out together.

There's a scene. Anyway, all right. So let's get to our busy week ahead, Dave. We'll start with tariffs.

President Trump's August 1st tariff deadline is fast approaching. We had some activity over the weekend.

So where do we stand with tariffs as of Monday morning before market open?

And are you expecting market volatility this week in anticipation of that Friday deadline?

So there are reports out that they did reach a trade agreement this weekend with the EU, setting a 15% baseline tariff for European goods.

And then also includes commitments from the

EU to buy 750 billion worth of energy products, as well as invest $600 billion in the US as well.

Now, having said that, we are still in talks with Mexico, Canada, and China. So there is a little

bit of a sigh of relief in the markets. Futures are up. They're

slightly in the green this morning, but really not all that much. It just tells me that the

market already expected this news. And in fact, I think the market this week is just going to be

much more focused on earnings coming out than it is going to be focused on tariffs. So if we

have volatility, that's where it's going to be coming from.

The only real takeaway here in my own mind is I don't think this really sets a precedent for the

negotiations with China. I think those negotiations are going to be much more contentious.

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