Imposing a 100% Import Tariff on Foreign-Produced Movies Proposed by Trump
Give this news a quick spin ### The President calls foreign movie incentives a national security threat and plans a 100% tariff on foreign films.
In yet another shakeup, President Trump has set his sights on the film industry. He's proposed a 100% tariff on foreign films in a move he deems necessary to save the ailing American film industry.
Trump blasted foreign film incentives used by countries like the UK and Canada as a national security threat in a recent Truth Social post. The president believes these incentives lure a significant number of Hollywood films away from American soil.
"The Movie Industry in America is on life support," Trump stated. He accused foreign film incentives as a 'unified effort by foreign nations' and branded them as a national security threat, citing their role in spreading messaging and propaganda.
This year's lucrative Minecraft Movie, filmed in Canada, is a case in point. Summer's blockbusters, such as "Mission: Impossible - The Final Recon" and "Jurassic World Rebirth", were also primarily shot outside the US.
London's allure for Hollywood has grown with Marvel Studios choosing it as the location for an upcoming Avengers duology.
Trump has given the Commerce Department and U.S. Trade Representative the green light to initiate the 100% tariff on foreign films immediately. Commerce Secretary Howard Lutnick confirmed the move via X Sunday.
The application of such a tariff on intangible goods like films is unclear. The administration would have to decide how to quantify a movie for tariffs and establish a threshold to classify it as an import.
If retaliation ensues, Hollywood studios stand to be devastated, as most substantial event films earn the majority of their profits overseas.
Representatives from the Motion Picture Association of America and the White House are mum on the subject.
In January, Trump appointed acting icons Jon Voight, Mel Gibson and Sylvester Stallone as his 'special ambassadors' to Hollywood to regain lost territory to foreign lands.
Let's connect, Ben Fritz at [email protected]
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Trending Topics Politics Entertainment Trump Movie Industry Foreign Competitors Tariffs Hollywood Film Industry
- The President's rhetoric about foreign movie incentives as a national security threat has escalated, with plans for a 100% tariff on foreign films, stirring up debates in the realm of policy-and-legislation.
- Violent protests erupted in India's stock market after the announcement of the tariff, with many believing it would create an unfavorable business climate and affect their economy.
- Some accusations point towards a cultural bias in the President's policy, with critics arguing that he is attempting to protect the American film industry at the expense of international competitors.
- Hollywood film studios fear potential retaliation from foreign nations, given that the majority of their profits are earned overseas, potentially leading to massive financial losses.
- As the WSJ reports, the application of such a tariff on intangible goods like films is unclear, and the administration must decide how to quantify a movie for tariffs and establish a threshold to classify it as an import.
- Despite the controversy, Trump remains steadfast in his stance, citing the need to protect general-news and the physical businesses within the film industry from foreign competition.
- Notably, Trump has enlisted acting icons Jon Voight, Mel Gibson, and Sylvester Stallone to spearhead policy changes in the film industry as part of his "Upsc" campaign, aimed at regaining lost territory to foreign lands.
