The smartphone maker’s supply chain is in the spotlight after President Donald Trump’s tariff announcements late Wednesday. Its stock has since fallen by more than 14% as of Friday’s close. Top of mind is whether the smartphone maker can score a tariff exemption,

Shares of Apple were down about 9 percent on Thursday morning, which would mark the biggest drop in about five years if it holds until the close, according to CNBC. Amazon shares dropped about 7 percent.

U.S. futures indexes fell sharply early on Thursday, led by a deep slide in major tech stocks, while global markets also faced a major selloff after President Donald Trump’s sweeping reciprocal tariffs raised fears of a global trade war and recession.