President Trump reiterated his demand that Apple (AAPL) — and potentially other smartphone manufacturers — produce devices in the United States if they intend to sell them domestically. Otherwise, they could face tariffs.

“If they’re going to sell it in America, I want it to be built in the United States,” Trump told reporters on Friday afternoon.

His comments followed a social media post earlier that day in which he stated Apple must pay a 25% tariff on iPhones that are sold in the U.S. but not manufactured domestically.

Speaking during a Q&A session after signing nuclear-related executive orders, Trump suggested the tariff policy would apply not only to Apple but also to competitors like Samsung.

“It would be also Samsung and anybody that makes that product,” he said. “Otherwise, it wouldn’t be fair. Again, when they build their plant here, there’s no tariffs. So they’re going to be building plants here.”

Trump doubled down on the idea that companies should eat the costs of tariffs and not pass them down to customers.

“They have to take out some of their profits,” Trump said. “They’ll make a little less money. But I don’t want the consumer to pay.”

Nuclear stocks rallied after President Trump signed executive orders to revive the industry.

One of the orders signed was aimed at reforming the Nuclear Regulatory Commission, nuclear reactor testing, and reinvigorating the nuclear industrial base.

Nuclear-related stocks Oklo (OKLO), Constellation Energy (CEG), and Nano Nuclear (NNE) all rose by double-digit percentages.

Yahoo Finance’s Alexandra Canal reports:

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Solar stocks rebounded on Friday but were still on track to close out the week with steep losses as Wall Street assesses last-minute changes slipped into the tax-and-spending bill approved by the House this week, which threaten to disrupt the industry.

SolarEdge (SEDG), Sunrun (RUN), Complete Solaria (SPWR), and Enphase Energy (ENPH) were among the biggest decliners this week, all down double-digit percentages.

Most of the damage to the sector came on Thursday after the “big, beautiful bill” passed by one vote called for ending key investment and production tax credits from the Biden-era Inflation Reduction Act three years sooner than what analysts expected. Wind and solar projects eligible for credits would need to begin construction within 60 days of the bill being signed into law.

While analysts believe the current version of the bill is unlikely to survive intact in the Senate, the prospect of tighter restrictions still spooked investors, prompting a broad sell-off.

“To be finalized and signed into law in its current form — that would create a lot of disruption and layoffs, project cancellations, potentially bankruptcies,” Pavel Molchanov, investment strategy analyst at Raymond James, told Yahoo Finance.

Molchanov said the industry will be busy in the next few weeks lobbying the Senate to revert to less severe provisions. Key senators from states where solar and wind initiatives are located are expected to also push for a softer stance.

Yahoo Finance’s Laura Bratton reports:

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Yahoo Finance’s Ben Werschkul reports:

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Apple (AAPL) stock fell more than 2% mid-morning Friday after President Trump said the company faces at least a 25% tariff, unless its iPhones sold in the US are made domestically.

“I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump said in a Truth Social post on Friday morning. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”

Apple shares led the rest of the “Magnificent Seven” group lower during the session. Tesla (TSLA), Meta (META), Alphabet (GOOGL, GOOG), Amazon (AMZN), Microsoft (MSFT), and Nvidia (NVDA) all declined roughly 1% during the session.

Bitcoin (BTC-USD) dropped nearly 2% from its recent record high to hover near $109,000 amid an overall market sell-off sparked by President Trump’s tariff threats posted on Friday morning against the EU, and iPhone maker Apple.

The cryptocurrency had touched highs of north of $111,900 on Thursday before retreating.

Bitcoin has seen a monster rally over the past month, gaining more than 40% since its April low.

The cryptocurrency is up 16% year to date.

Crypto-related stocks also sank on Friday. Shares of Strategy (MSTR) dropped more than 3%. Mara Holdings (MARA) and Riot Platforms (RIOT) dropped more than 5% and 3%, respectively.

Reuters reports:

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US stocks took a sharp turn lower on Friday after President Trump threatened tariffs on the EU, and iPhone maker Apple.

The Dow Jones Industrial Average (^DJI) sank 1%, or over 400 points. The S&P 500 (^GSPC) fell 1.3%. The tech-heavy Nasdaq Composite (^IXIC) backed off 1.2%.

Apple shares sank after Trump said the iPhone maker would face at least 25% tariffs if it did not make its iPhones sold in the US domestically.

He also threatened to hike the tariff on EU imports to “a straight 50%” beginning June 1, given that trade talks between the two sides have stalled.

Volvo Cars (VOLCAR-B.ST) warned that it’s customers may have to pay a large part of the company’s tariff related cost increases, the group’s CEO Hakan Samuelsson told Reuters on Friday. Shares in the company fell over 4%.

Reuters reports:

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Stocks in Europe sank as President Trump’s tariff broadside upended Wall Street’s calculus about the future of US tariff policy.

Trump said he would suggest a “straight 50%” tariff on all EU goods beginning June 1, as trade talks have stalled between the US and the bloc of European nations.

Europe’s broad Stoxx (^STOXX) 600 index fell as much as 2% before recouping some of those losses.

Trump’s threat spurred bets on further central bank cuts in coming months, spurring a bond rally, as Bloomberg details: