Hollywood is buzzing with concern as U.S. President Donald Trump's proposal to impose tariffs on foreign film productions stirs up tension in the global film industry. In a controversial move meant to protect U.S. interests, Trump declared on Truth Social, "WE WANT MOVIES MADE IN AMERICA, AGAIN!"
However, experts warn that such protectionist policies could backfire, sparking retaliatory measures from countries like Australia, New Zealand, the European Union, Canada, and Japan. This could mean additional taxes or restrictions on American movies that might disrupt Hollywood’s global dominance and drive up production costs.
At the market level, shares in key players like Netflix Inc., Warner Bros. Discovery, Inc., Paramount Global, and Walt Disney Co. took a noticeable dip as concerns grew. Industry voices, including Scott Roxborough of The Hollywood Reporter, noted that adding extra production costs during an already fragile period could prove catastrophic.
Professor Cui Fan from the University of International Business and Economics cautioned that tariff measures might trigger a domino effect of retaliatory trade barriers, while former U.S. Department of Commerce official William Reinsch warned, "The retaliation will kill our industry. We have a lot more to lose than to gain."
This unfolding drama is a reminder of how global trade tactics can quickly impact an entire industry. With Hollywood already bracing through its own set of challenges, the looming tariffs add another twist to the ongoing battle over film supremacy. 😊
Reference(s):
Hollywood on edge: Filmmakers call Trump's tariff plan 'disastrous'
cgtn.com
