Wedbush analyst Dan Ives says Elon Musk’s association with President Trump and his tariffs will turn off potential Tesla buyers in China, the company’s second-largest market. Ives writes that Musk’s embrace of right-wing politics is destroying demand for his electric vehicles in the U.S. and Europe, too.

Coming into Tuesday trading, the shares had lost 17.5% over the past three trading sessions, which followed President Donald Trump’s “Liberation Day.”