After losing $55 billion in the stock market last week, Apple has trimmed the planned productions of its products from an original 47-48 million handsets to 40-43 million for the first three months of the year. This would mark the second time in two months that production levels have decreased. Chief executive officer (CEO) Tim Cook publicly commented on the reduction in production, noting his surprise.

“While we anticipated some challenges in key emerging markets, we did not foresee this magnitude of economic deceleration, particularly in the greater China area,” Cook said in a press conference with investors.

Greater China accounts for around 20 percent of Apple product sales according to BBC, and the recent trends in both the Asian and American economies have led to fewer consumers purchasing Apple’s products globally. This comes after pan-Pacific backlash from Asia, where recent reports have been made of boycotts against American products in support of domestically produced goods, likely inspired by the “trade war” taking place between the two economic regions.

President Donald Trump commented on the recent descent in Apple’s stock in a press conference at the White House.

“Apple was at a number that was incredible, and they’re going to be fine. Apple is a great company. I told Tim Cook, who’s a friend of mine, who I like a lot, make your product in the United States. China is the biggest beneficiary of Apple, more than us. Because they build their product mostly in China,” Trump said.

This recent hit to Apple’s sales now places them as the third largest smartphone producer, behind China’s Huawei and Korea’s Samsung.