Over the weekend, Wedbush Securities analyst Dan Ives reduced his price targets for Apple and Tesla due to the potential disruption caused by President Trump’s tariffs on their businesses.

According to Ives, “the tariff economic crisis triggered by Trump is a complete disaster for Apple, given its substantial production exposure in China.” He further emphasized that “no U.S. tech company is more severely impacted by these tariffs than Apple, with 90% of iPhones produced and assembled in China.”

As a result, Wedbush lowered its price target for Apple stock by $75, bringing it down to $250 per share. Currently, Apple’s shares have declined by 4.3% and are trading at $180.

Ives also reduced his price target for Tesla from $550 to $315, which remains significantly higher than the company’s current share price of $233.94 as of 2:10 pm ET.

The analyst attributed the price cut to not only the effects of tariffs but also to the controversy surrounding CEO Elon Musk’s politics, which has led to a brand crisis for the automaker. Musk’s association with Trump and his tariff policies are negatively impacting sales in the U.S. and Europe, and also threatening Tesla’s popularity in China, “further driving Chinese consumers to opt for domestic brands like BYD,” Ives explained.

Ives stated that “Tesla has essentially become a political symbol globally.” He wrote, “It is time for Musk to take a leadership role, understand the current situation, and provide guidance during this period of uncertainty.”

Tesla shares experienced a decline of nearly 10% compared to Friday’s closing price but have partially rebounded as of Monday afternoon.