Hollywood is shaken by Trump’s tariff plan for the movie industry
CNN
Filmmakers and Hollywood financiers are baffled, to say the least, by President Trump’s announcement that he wants a 100% tariff on movies produced outside the United States.
Filmmakers and Hollywood financiers are baffled, to say the least, by President Trump’s announcement that he wants a 100% tariff on movies produced outside the United States. Several movie studio and streaming industry executives who spoke with CNN are downright apoplectic because, they believe, the president hasn’t thought about the ramifications of his proposal, which could decimate an iconic industry. Other sources are taking a more open-minded view, asserting that Trump is instigating a dialogue about a real issue — so-called “runaway production” — that could be addressed any number of ways. “On first blush, it’s shocking and would represent a virtually complete halt of production,” one industry insider remarked. “But in reality, he has no jurisdiction to do this and it’s too complex to enforce.” Shares of Netflix and other major entertainment companies fell Monday as investors digested Trump’s confusing comments. “Last night’s Truth Social post from President Trump has everyone in Hollywood scratching their heads,” Lightshed Ventures partner Rich Greenfield said in an analyst note.
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