Tesla stock fell in early trading Wednesday after a wild day on Tuesday. Investors watching shares fluctuate widely on Tuesday might have missed a potentially important development in the Trump administration.

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.