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Coca-Cola is mostly produced locally. Atleast the mixing of Sirup and bottling is.

I personally don't know if they ship their sirup around the world.

Company origin is what matters, people boycoyting US products don't care where the companies source them from.

See the US companies trying the "built in Canada" marketing.

MAGA hats made in China are probably the definitive example

But, AIUI, usually the profits get exported via IP payments to the parent companies host nation.

And tariffs on intellectual property licenses are not on the table right now, as far as I’m aware. Right?