Good morning. After starting off the day in positive territory, stocks have now retreated and still have not caught up with Friday’s decline. Tariffs are back in the news … as the Trump Administration announced plans to place extra costs on pharmaceuticals made outside of the U.S. … small, at first, but threatened to increase until manufacturers shout “uncle” following the arm twisting. But what has others worried are in other areas … as there is a threat to raise fees on imported semi-conductors. And as far as the recent agreement with the EU? Forget about it, unless they … as announced … invest $600 Billion in the U.S. but under the condition … per the President … that it is really “a gift, not a loan” (a comment that can’t please certain members) with the U.S. (according to the President) able to direct exactly where this goes. One additional issue is the supposed EU purchase of $750 Billion of U.S. energy over the next 3 years … far higher than what the U.S. exports to the entire world in a given year. I get the feeling this “deal” will fall apart in present form. There is growing anger with airlines … as if recent safety problems aren’t enough … as AI is reportedly being used for “dynamic pricing” … based on who is doing the fare search. A few claim it wise to use a “VPN” in doing a search (to hide your computer’s identity) as the cost may be different than when you search using your own “IP address.” Another use has been in the news lately as someone rented a car in Atlanta and the “AI damage scanner” detected a 1-inch scuff on a tire … resulting in an immediate $440 charge upon returning the car. I will admit, since I need to rent a car while mine is in the shop, this scares me. If you want to lend me your car, send me a note. Failing that, I may be walking to a lot of places in the coming week. For those who do a lot of grilling, there is a study that burnt food not only loses its taste … but increases cancer risk. The story below claims that once in a while it is harmless … but warns not to do it too often lest you are playing with fire. Literally. On a final note, there is an interesting move by the Trump Administration to identify countries where visitors from those lands often overstay their visas. So how do you combat this? With a “people deposit” (my phrase that should be made famous). A person pays an amount to come to the U.S. and, once they leave … on time … they get that money returned to them. If the fee is high enough, it makes sure that people who come actually do leave. I think the “people deposit” is ingenious … as it makes sure visitors don’t overstay their welcome. I plan on introducing this myself …. … by trying this with house guests. Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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