In a stark warning, Wedbush Securities analyst Dan Ives has slashed his price targets for Apple and Tesla, citing the devastating impact of President Trump's tariffs on their businesses. Ives described the tariffs as "economic Armageddon" for Apple, given its massive production exposure in China.

Ives cut his price target for Apple stock by $75, down to $250 per share, citing the company's significant reliance on China for iPhone production and assembly. With 90% of iPhones produced in China, Apple is more vulnerable to the tariffs than any other U.S. tech company, according to Ives. The news sent Apple's shares tumbling, down 4.3% to $180 in afternoon trading.

Tesla, another company heavily reliant on China, also saw its price target cut by Ives. He lowered his target from $550 to $315, still above Tesla's current share price of $233.94. Ives attributed the price cut not only to the tariffs but also to CEO Elon Musk's politics, which have created a brand crisis for the automaker.

According to Ives, Musk's association with Trump and his tariffs policies have affected sales in the U.S. and Europe, and threaten Tesla's popularity in China. This could drive Chinese consumers to opt for domestic brands like BYD, further exacerbating Tesla's woes. "Tesla has essentially become a political symbol globally," Ives wrote, urging Musk to "step up, read the room, and be a leader in this time of uncertainty."

Tesla shares plummeted nearly 10% compared to Friday's closing price, but rebounded somewhat by Monday afternoon. The company's struggles in China are particularly concerning, given the country's significance in the global electric vehicle market.

The tariffs, which have been a point of contention between the U.S. and China, have far-reaching implications for the tech industry as a whole. As the trade war continues to escalate, companies like Apple and Tesla, which have complex global supply chains, are likely to bear the brunt of the impact. Ives' warnings serve as a stark reminder of the economic uncertainty that lies ahead.

In conclusion, the tariffs imposed by President Trump have sparked a wave of uncertainty in the tech industry, with Apple and Tesla being two of the most vulnerable companies. As the trade war continues to unfold, investors and analysts alike will be closely watching the impact on these companies and the broader industry.