Apple stock was dropping on Friday after President Donald Trump threatened a 25% tariff on its iPhones sold in the U.S. unless they are made in the U.S.

The heads of General Motors, Ford and Stellantis met with Trump to outline how his tariffs would disrupt automaking. Trump gave them some reprieves on domestic vehicles with foreign parts not covered by the U.S.-Mexico-Canada trade agreement, but he still has a 25% tax on imported steel and aluminum.