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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A senior Trump administration official confirmed reports that Gregory Bovino, a top U.S. Border Patrol official, will leave Minnesota along with some agents deployed to the state.
Finland’s Border Guard says it plans to establish a maritime surveillance centre to help prevent damage to critical undersea infrastructure in the Gulf of Finland, amid heightened concerns over cable and pipeline security in the Baltic Sea.
The United States will send its largest-ever Winter Olympic team to the Milano Cortina Games, with 232 athletes selected to compete, the U.S. Olympic and Paralympic Committee said on Monday.
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