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

Hello and welcome to the Morning Filter. I'm Susan Jubinsky with Morning Star.

Every Monday before market open, Morningstar Chief U.S. market strategist Dave Sakara, 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, a programming note for our audience, Dave and I are pre-taping this episode of the Morning Filter on Friday, August 8th, so our comments don't reflect anything that might have

happened after the markets opened on Friday.

All right, Dave, let's start off with a tariff update, at least where we stand on tariffs.

You and I are taping this.

Hey, good morning, Susan.

Yeah, as you mentioned, this is, of course, all subject to change on a daily basis.

But for now, what we've seen is, you know, new tariffs being instituted on some of conductctors being manufactured outside the United States.

Now, Apple did announce that they do have an exemption from that as they committed to spend

another $100 billion in developing new semi-manufacturing capability inside the United States,

and that's on top of the other commitments that they've already made.

I don't know.

That just tells me that all the other semi-manufactures are probably making those same negotiations in order to commit to build more

facilities in the U.S. as well to get that same exemption. Now, we also have more tariffs threatened

on big pharma. And again, I think this is pretty much the same tactic to get them to commit to

build more manufacturing facilities for their drugs here in the United States as well.

We know that large farm is already taking some actions in order to try and placate the Trump administration.

So they are trying to mitigate those government reimbursement cuts that they've also talked about as well.

So we've seen some plans being announced in order to onshore that manufacturing and they've also been setting up some direct to consumer programs as well. So we've seen some plans being announced in order to onshore that manufacturing,

and they've also been setting up some direct-to-consumer programs as well. Now, as far as what's

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