Apple shares dropped nearly 4% Friday after President Donald Trump issued his latest threat of a 25% tariff on the Big Tech company if it does not start manufacturing iPhones in the U.S.

After closing at $201.36 on Thursday, Apple shares fell to as low as $193.46 on Friday morning. The drop of nearly 4% equated to a loss of about $100 billion for the multitrillion-dollar tech giant.

On Friday morning, Trump posted on Truth Social that a tariff of at least 25% “must be paid by Apple” if iPhones are made in India or anywhere else other than the U.S.

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