President Donald Trump said that he plans to impose a 100% tariff on any movies produced outside of the United States. He made the announcement in a Truth Social post on Monday.
Trump did not provide specifics on when or how the tariff would be implemented. If enacted, this would be the first time the U.S. imposes a tariff on a service rather than a tangible product.
This move follows an initial proposal made in May, where Trump argued that foreign tax incentives have led filmmakers to produce movies abroad, thereby impacting the U.S. film industry. He particularly mentioned California, which he claimed has been “hard hit” by this trend.
Hollywood was caught off guard by Trump’s earlier plan, with some industry insiders expressing concern over the practical challenges of enforcement.
While many American actors and directors prefer to work domestically, industry experts argue that it is more cost-effective for Hollywood studios to shoot films overseas due to lower labour costs and tax rebates available in other countries.
Trump’s announcement caused a drop of 1% in Netflix’s stock price, while shares of companies such as AMC and The Walt Disney Company saw an uptick. The U.S. box office has faced challenges in recent years, with consumer preferences shifting towards streaming platforms, especially since the pandemic, leading to a significant decline in movie theatre revenues.
In addition to the movie tax hike, the Trump administration is preparing to impose various other tariffs, including a 100% levy on branded pharmaceutical products, a 25% tariff on heavy trucks, a 50% hike on kitchen cabinets and vanities, and a 30% tariff on upholstered furniture. Trump also indicated plans to introduce a "substantial" tariff on all furniture imports into the U.S.
U.S .President Donald Trump has again said Iran is keen to reach a deal quickly, but a senior Iranian security official rejected the claim, saying ...
Foreign ministers of Cambodia and Thailand delivered opening statements on Tuesday at the first meeting of a UN ar...
A drone hit a petrol station in Ukraine's capital of Kyiv early on Tuesday, Mayor Vitali Klitschko said on the...
Maritime trackers received new reports of an attack on a ship in the Strait of Hormuz on Sunday, according to the UK Maritime Trade Operations (UKMTO), adding to concerns about energy supplies after Saudi Arabia shut down a vital oil pipeline on Saturday.
A Kyiv-Warsaw train was struck near the Polish border, Ukraine's state railway firm said on Sunday. No passengers were injured. Ukrainian Railways said that the country's railways were facing systematic attacks for a second day and warned of widespread delays.
U.S. Central Command said 101 commercial vessels have been redirected in the Strait of Hormuz, while oil prices rose more than three per cent amid fresh regional attacks and supply concerns.
Swedes vote in an election on Sunday (13 September) that could see the far-right enter government for the first time if the country's right-wing parties can form a majority.
A Russian strike on a farm warehouse in Pryluky, north-central Ukraine, has killed at least three people, local police said. Meanwhile, EU foreign policy chief Kaja Kallas said an attack on a train near the Polish border was an attempt to intimidate Ukraine's allies.
Foreign ministers of Cambodia and Thailand delivered opening statements on Tuesday at the first meeting of a UN arbitration process to resolve a long-running maritime dispute between the two Southeast Asian neighbours.
A drone hit a petrol station in Ukraine's capital of Kyiv early on Tuesday, Mayor Vitali Klitschko said on the Telegram messaging app, adding that there was also a strike on warehouse facilities in another part of the city.
A federal judge has halted a Trump administration immigration policy that would have significantly changed how long foreign students, exchange visitors and international journalists can remain in the United States.
Danish Prime Minister Mette Frederiksen has expressed cautious optimism about ongoing discussions with the United States regarding Greenland, signalling that Copenhagen believes a cooperative solution can be reached despite years of political tensions surrounding the strategic Arctic territory.
A Russian strike on a farm warehouse in Pryluky, north-central Ukraine, has killed at least three people, local police said. Meanwhile, EU foreign policy chief Kaja Kallas said an attack on a train near the Polish border was an attempt to intimidate Ukraine's allies.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment