Everyone's cheering the (https://www.cnbc.com/2026/06/30/fda-zyn-philip-morris-nicotine-pouches-cigarettes-trump.html) and meatpacker subsidies as deregulation wins, but the real risk is hidden in the supply side. $PM gets a regulatory tailwind on distribution, but the company still reported 7.9% net margins — and commodity input costs don't care about Washington's policy shifts.

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