Today, President Donald Trump announced on Truth Social that he plans to impose a 100% tariff on foreign-made films.
Trump wrote: “Our movie making business has been stolen from the United States of America, by other Countries, just like stealing “candy from a baby.” California, with its weak and incompetent Governor, has been particularly hard hit! Therefore, in order to solve this long time, never ending problem, I will be imposing a 100% Tariff on any and all movies that are made outside of the United States. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN! President DJT”
This isn’t the President’s first hint at taxing the foreign film industry. If he actually proceeds, it would be the first time he’s essentially levied a tariff on a service instead of a physical good.
In May, the president initially threatened to impose a 100% tariff on foreign-produced movies, claiming that other countries provide tax incentives that attract filmmakers abroad.
Recently, California and other American cities have introduced numerous tax incentives to attract movie productions, aiming to offset high labor costs, limited rebates, and the cheaper opportunities available overseas.
Share of Netflix slipped 1% today following Trump’s post.
By CEO NA Editorial Staff
