Apple and Tesla shares plummeted due to new U.S. tariffs imposed on goods made in China, warning of supply chain risks and brand fallout. Wedbush Securities lowered its price targets for both companies by $75 for Apple and $235 for Tesla. The firm’s managing director cited a 90% reliance on Chinese manufacturing for iPhones and the reputational damage to Tesla caused by CEO Elon Musk’s ties to President Donald J. Trump. Rising tensions between Washington and Beijing further underscore the impact of these tariffs, which could harm American businesses with strong links to China.
Source: https://finance.yahoo.com/news/wedbush-cuts-apple-tesla-targets-201825622.html