“Through his tariff strategy, Trump has implemented a structural, permanent tax on the American consumer,” he continued. “Even if he is successful in bringing jobs on shore through the tariff tax, prices will remain high and the tax on consumption will remain the form of higher prices because we are simply not as good at making all things.”

Tesla (TSLA) has been grinding up against a policy wall. The electric vehicle giant’s momentum has been steadily chipped away by President