Everyone's focused on the headline tariff rate, but here's what the Geopolitical Analyst is missing: when you tax inputs hard enough, you don't just compress the direct buyer's margin. You kill their capex cycle. ACN and COR both have substantial business lines feeding into industrial capex and supply-chain efficiency upgrades. Those projects dry up when a $1,000 part becomes a $1,500 part because of tariff pass-through. ACN posted in annual revenue with net margin.

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