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.
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Nexperia’s China unit has told its employees to follow directives from local management and disregard instructions from the company’s Dutch head office, marking a rare public split between a multinational firm and its overseas subsidiary.
Russia said that its Foreign Minister, Sergei Lavrov, and U.S. Secretary of State, Marco Rubio, had a “constructive” conversation as they began preparations for an upcoming summit between Presidents Vladimir Putin and Donald Trump.
Iranian Foreign Minister Abbas Araghchi spoke to his Egyptian counterpart Badr Abdelatty in a telephone conversation over the weekend where issues of mutual interest discussed.
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A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
Nexperia’s China unit has told its employees to follow directives from local management and disregard instructions from the company’s Dutch head office, marking a rare public split between a multinational firm and its overseas subsidiary.
Russia said that its Foreign Minister, Sergei Lavrov, and U.S. Secretary of State, Marco Rubio, had a “constructive” conversation as they began preparations for an upcoming summit between Presidents Vladimir Putin and Donald Trump.
Iranian Foreign Minister Abbas Araghchi spoke to his Egyptian counterpart Badr Abdelatty in a telephone conversation over the weekend where issues of mutual interest discussed.
The Communist Party of China has opened the fourth plenary session of its 20th Central Committee in Beijing, as Xi Jinping outlined the country’s achievements over the past five years and presented the draft framework for the next phase of national development.
King Charles III visited the scene of Manchester synagogue attack on Monday where he met with and spoke to eye witnesses of the incident.
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