Trump announces 100% tariffs on movies ‘produced in foreign lands’
(VOVWORLD) - US President Donald Trump announced Sunday a 100% tariff on all movies “produced in foreign lands”, saying the US film industry is dying a “very fast death” due to incentives other countries are offering to attract American film-makers.
In a post on his Truth Social platform, Trump said he has authorized the Commerce Department and the Office of the US Trade Representative to immediately begin implementing the tariff.
It was unclear if the tariff will apply to movies on streaming services as well as those shown in theaters, and if they will be calculated based on production costs or box office revenue.
Hollywood executives were busy Sunday night trying to sort out the details. According to Box Office Mojo, domestic box office revenue in the US was more than 8.7 billion USD last year, a decrease of 3.8% from 2023. This figure was significantly lower than in 2020 prior to the COVID-19 pandemic.
Over the past three years, the US film industry is estimated to have lost more than 18,000 jobs.