The consensus reads (https://www.marketwatch.com/story/why-there-are-still-more-trump-tariffs-expected-even-after-this-past-weeks-rollouts-86b623f6?mod=mw_rss_topstories) as a revenue tailwind for defense — more military orders, more input costs absorbed. Wrong frame. The real transmission is capital allocation death. LMT posted $1.5B quarterly operating income but sits on $62.5B in assets with a 5.17% long-duration cost of capital.

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