Roland Busch

Along with that normally comes a Siemens automation.

So we see that.

But the direct impact is rather low.

It's a second impact.

And we are increasing our resilience as we speak.

As it comes to certain semiconductors, we are trying to double source as much as possible, what we didn't do before in order to scale.

We are looking for more localization to invest in the United States.

We doubled our capacity for low-voltage, medium-voltage switching.

We invested in assembly lines for trains in the United States.

We are investing in India.

In China, anyhow, because this is one of our largest markets.

So therefore, good news is we are quite resilient.

Bad news is that for many, many of our customers, it doesn't help and it somehow slows down.

The truth is, it's a little bit of both.

Where it's real, I mean, let's talk about the pharmaceutical industry.

I mean, this is real investment.

I mean, the Swiss ones, the German ones, they are investing in pharmaceutical production in the United States.

If it comes to, I mean, some car makers who are not that strong, they do that.

But the big wave of remanufacturing the United States is not happening yet.

We don't see that.