Apple (AAPL-2.19%

) could be in for an even rougher ride than its Big Tech rivals.

That’s according to Wedbush Securities analyst Dan Ives, who warned in a note over the weekend that Apple faces particular peril from President Donald Trump’s growing trade war.

“The tariff economic Armageddon unleashed by Trump is a complete disaster for Apple given its massive China production exposure,” Ives said. “In our view, no U.S. tech company is more negatively impacted by these tariffs than Apple with 90% of iPhones produced and assembled in China.”

Wedbush cut its price target on Apple stock from $325 per share to $250 per share. Apple stock was down about 3% in mid-morning trading on Monday to $182 per share, as markets continued to bleed in the aftermath of Trump’s sweeping tariffs on almost every American trading partner. Apple stock is down about 25% so far this year.

“Apple has already announced a $500 billion investment in the U.S. along with Trump in February,” Ives noted. “The reality is it would take 3 years and $30 billion dollars in our estimation to move even 10% of its supply chain from Asia to the U.S. with major disruption in the process.

“For U.S. consumers the reality of a $1,000 iPhone being one of the best made consumer products on the planet would disappear,” he added. “It speaks to our point that if consumers want a $3,500 iPhone we should make them in New Jersey or Texas or another state… The concept of making iPhones in the U.S. is a non-starter in our view at $1,000. Price points would move up so dramatically it’s hard to comprehend and the near-term margin impact on Apple’s gross margins during this tariff war could be mind boggling for this U.S. tech stalwart.”

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