Section 232 pharma tariffs are live and the industry's suddenly discovering that tariff pass-through isn't automatic when your margins are already under legislative siege. Duty mitigation strategies read to me like "we're hoping someone in DC blinks first": which is how you end up eating 200bps for two years while lawyers bill you to the strategy. $JNJ LLY are about to learn what every steel and auto supplier learned in 2018: the tariff is the tax until it isn't.