SPM "***" is only available in iOS 15.0 or new error

I have a project with a deployment target set to iOS 16.4. The project includes a local framework target whose deployment target is also set to iOS 16.4 in build settings. The build settings for the parent app target also show iOS 16.4 deployment target.

However, when I try to compile the parent app I get a series of "***" is only available in iOS 15.0 or newer errors when it tries to build the embedded framework.

I am using SPM to manage dependencies.

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