This should be obvious but the reason $Tesla(TSLA.US) is being pummeled disproportionately today (TSLA -8.7% vs NDX -3.7%, AAPL -4.0%) despite very limited exposure to increased Chinese tariffs is because the odds of global recession have risen exponentially as countries like China, France and Germany have indicated they will retaliate against the U.S. rather than negotiate. This makes the situation today much similar to 1930 Smoot-Hawley where countries protected their own economic interests and retaliated rather than reduced tariffs to appease the U.S. We have seen estimates of 3-4% GDP declines over two years if the tariffs go into effect as announced at the Rose Garden event Wednesday. In recessions global cyclical companies get hurt disproportionately as consumers cut back on spending and high P/E stocks get punished most (TSLA 2025 P/E 100x vs S&P 500 2025 P/E 21x).