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On April 7, 2025, Wedbush analyst Dan Ives said Apple and Tesla had among the greatest exposure to the Trump administration’s tariffs. He cut his Apple price target by $75 to $250 and Tesla’s from $550 to $315. His assessment was a market view made during a rapidly changing policy episode—not a published, independently verified ranking of every U.S. company’s tariff costs.
Ives’s reasoning also differed by company: Apple was primarily a China-centered manufacturing and imported-electronics story, while Tesla combined global input costs, China sales and production, and political-brand risk.
What Dan Ives actually argued
The TechCrunch report identified Ives, of Wedbush Securities, as the source of the “biggest exposure” claim. For Apple, he focused on the company’s dependence on China-based production and assembly. He said tariffs could raise the cost of products entering the United States, forcing Apple to raise prices, accept lower margins, or risk weaker demand.
Ives claimed that about 90% of iPhones were produced and assembled in China at the time. That figure should be treated as his assertion, not as a percentage independently confirmed in Apple’s cited filings. For Tesla, he pointed to tariffs on components and materials, the company’s China business and manufacturing footprint, and the possibility that Elon Musk’s political association with Donald Trump could damage Tesla’s appeal.
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The report and price-target reductions appeared on April 7, 2025, as tariff policy and market prices were moving quickly. The targets were historical estimates, not current 2026 targets.
Why Apple was vulnerable
China-centered assembly raises several costs at once
When a finished iPhone or another device enters the United States from a tariff-affected location, an import duty can increase its landed cost. Apple could pass that increase to customers through higher prices, absorb it through lower gross margins, negotiate sharing with suppliers, alter inventory and routing, or combine those responses.
Higher prices can reduce unit demand, while absorbing the duty can reduce profitability. Either outcome can affect investor expectations before the charge is visible in reported earnings.
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Relocating assembly is not an instant escape
Apple has expanded production in countries including India and Vietnam, but moving final assembly does not automatically remove China exposure. Components, tooling, engineering support, supplier clusters, logistics and production know-how may remain concentrated in the region. A product assembled in India, for example, can still contain parts sourced from China.
Apple’s proxy materials describe risks from international trade restrictions, tariffs, geographically concentrated operations and the cost and timing of supply-chain diversification. The company’s 2026 first-quarter filing also discussed changing U.S. tariff measures involving China, India, Japan, South Korea, Taiwan, Vietnam and the European Union, while noting that rules and possible exemptions could change. Those disclosures describe risk and potential mitigation; they do not establish a confirmed dollar loss attributable to tariffs.
Sources: Apple proxy materials and Apple 2026 first-quarter filing.
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Why Tesla’s exposure was broader
Global inputs and cross-border production
Tesla vehicles depend on globally sourced batteries, electronics, metals and other components. Tariffs can raise the cost of those inputs or alter the economics of moving parts and vehicles across borders. The actual effect depends on each item’s origin, destination, tariff classification, exemptions and transaction structure; it is too simplistic to say the company always pays the entire duty.
China sales and manufacturing are separate risks
Tesla operates manufacturing in China, including its Shanghai facility, and sells vehicles in the Chinese market. A Senate Judiciary Committee document using 2023 data estimated that China represented approximately 22.5% of Tesla revenue and placed Tesla fourth among 250 companies on a China-exposure index. That is dated 2023 information, not a current 2026 revenue mix.
China demand can weaken because of tariffs, retaliation, local regulation, macroeconomic conditions, consumer sentiment or competition. Chinese automakers such as BYD can also pressure Tesla independently of U.S. import duties.
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Source: Senate Judiciary Committee document.
Political and reputational risk
Ives added a non-tariff element to his Tesla thesis: Musk’s close political association with Trump could make Tesla a political symbol. Customer backlash, protests, boycotts or reduced appeal in the United States, Europe and China would affect demand without appearing as a line item labeled “tariff cost.” This was Ives’s interpretation, not a directly measured tariff charge.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Apple and Tesla were not exposed in the same way
| Company | Main exposure | Possible effect | Qualification |
|---|---|---|---|
| Apple | China-centered production and imported electronics | Higher landed costs, price increases, margin pressure and supply disruption | Production can diversify, but supplier ecosystems and components take time to relocate |
| Apple | China consumer market | Potential retaliation or weaker demand | Sales exposure is distinct from manufacturing exposure |
| Tesla | Global parts, batteries and materials | Higher vehicle or input costs and margin pressure | Impact depends on the origin and destination of each item |
| Tesla | China production and sales | Cross-border cost changes, weaker demand or competitive pressure | The cited 22.5% revenue figure is from 2023, not 2026 |
| Tesla | Musk-related political polarization | Reduced brand appeal or demand | An analyst judgment rather than a tariff calculation |
Consequently, “biggest exposure” has no single universal denominator. A ranking based on imported finished goods could differ from one based on China revenue, component sourcing, potential margin loss or reputational damage.
What the price-target cuts did—and did not—mean
Ives reduced Apple’s target from $325 to $250, a $75 cut, and Tesla’s from $550 to $315. A lower target is a revision to an analyst’s valuation assumptions, not a prediction that either company will fail. The targets remained above the share prices discussed in the April 7, 2025 report, so the cuts could still be consistent with a bullish or outperform view at that moment.
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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Those figures belong to the 2025 news event. They should not be presented as current targets in 2026. Readers seeking later company updates should consult Apple’s investor-relations filings and Tesla’s financial-results archive.
How to evaluate a tariff-exposure claim
- Identify the finished-good locations. Determine where products are assembled and which destinations receive them.
- Map components and raw materials. Check batteries, electronics, metals, tooling and other inputs rather than looking only at final assembly.
- Separate sales from manufacturing. A company can sell heavily in China without importing all products from China, or manufacture there for several markets.
- Check the measurement period. Revenue, production and market-share figures can be years old; the Senate figure cited for Tesla is from 2023.
- Look for exemptions and policy changes. An exemption may cover a product, input, country or period without protecting the entire business.
- Assess pass-through ability. Higher prices may protect margins but reduce demand; absorbing costs protects prices but reduces margins.
- Include retaliation and brand effects. Foreign duties, consumer boycotts and political backlash can matter as much as U.S. import charges.
- Distinguish market reaction from measured damage. A share-price decline can reflect expectations and sentiment before any tariff amount is reported.
What the headline leaves out
- China exposure and tariff exposure overlap but are not identical.
- Import duties can be paid or shared by different parties in a transaction.
- Tariff rules, exemptions and affected products can change quickly.
- Apple’s services business may cushion hardware pressure without eliminating hardware supply-chain risk.
- Tesla’s China demand can change for reasons unrelated to tariffs.
- Political and reputational risk may be included in an analyst’s valuation even though it cannot be calculated as a customs bill.
Bottom line for investors
Ives’s assessment was directionally understandable: Apple faced concentrated production and imported-electronics risk, while Tesla faced a mix of global input exposure, China-market and manufacturing risk, and Musk-related brand risk. But “biggest exposure” was his judgment, not a verified industry-wide ranking or a published estimate of tariff losses. Any conclusion depends on the policy date, products, exemptions, supply-chain geography and revenue period being measured.
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