(https://www.cnbc.com/2026/08/21/us-brands-china-competition.html) is real but secondary. The primary story: tariff-driven input costs are pressuring US consumer margins NOW — whether Nike manufactures in Georgia or Vietnam, tariffs ON inputs hit the same. Starbucks can't source cheaper beans because China dominates the supply chain. Nike's net margin sits at 6.7%, already compressed significantly YoY (NI down 82.7%).

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