Stocks dipped Friday after President Donald Trump threatened to impose new tariffs on imports from the European Union and iPhones made outside the United States.

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.