I started a manufacturing framework last year when tariffs tantrums were fresh; this was around March or April. Could never finish it as news flow ran faster than my reading and thinking speed; given a fresh attack on precision engineering including CDMO and tariffs on Pharma, I need to revive that long note. I will include relevant company examples as illustration, to make it into a timeless framework (as these tantrums, chaos, news flow will keep bombarding all of us, and something tangible on manufacturing as a sustainable moat will be worthwhile).