Screwdriver
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I'm saying your suspected option makes zero business sense and in all likelihood you thought you were getting a bargain but in fact were ripped off
Not some huge conspiracy by the manufacturer to sell cheap products then claim they are fake
Well then you are trusting the supply line without any evidence to support your claim.
"Counterfeit" items do exist
They are made in China
Chinese branded original equipment is also made in China
China is a state run communist country and the vast majority of large business enterprises are state owned (the ones that claim not to be state owned are themselves questionable)
Branded items are (I suggest) manufactured from among a conglomerate of smaller enterprises (you say conspiracy I say consortium)
As for the particular item I bought it is a relatively low value (£tens) but extremely high volume unit and the likelihood of it being counterfeit manufactured outside China is small. If it is being manufactured in China, it will be with the knowledge of the state or so called local district enterprise (i.e. also state controlled). I am merely suggesting that it does not beggar belief that the exact same factories and industrial producers are in fact making these erstwhile counterfeit items. It's just production and money, they really don't care what they are selling so long as they keep selling it and we keep buying.
It is much easier to turn the knob to 11 and crank out rubbish than it is to produce quality items and if people (yes, people like me

Makes perfect business sense to me and while quality generally has improved tremendously over the years, it wasn't so long ago that you would expect cheap Chinese products to be useless.