Uber CEO Dara Khosrowshahi’s assertion this week that U.S.-China trade tensions were responsible for the company’s lukewarm debut last month provided only a partial explanation of the ride-share giant’s early struggles, according to a leading Wall Street analyst.

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Speaking at the Economic Club of Washington, D.C., on Wednesday, Khosrowshahi noted that Uber debuted on the same day that President Trump raised tariffs on $200 million worth of Chinese goods to 25 percent from 10 percent. As a result, Uber’s IPO coincided with international tensions that spooked the broader market and caused major exchanges to plunge.

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