Trump announces 100% tariffs on foreign films to boost Hollywood
President of the USA, Donald Trump, announced on Sunday that he would "immediately begin the process of instituting a 100% Tariff" on films produced abroad. He justified this decision by citing the need to protect the domestic film industry, which he believes is facing a "very fast death" due to foreign competition.
"The Movie Industry in America is DYING a very fast death," Trump wrote on the platform Truth Social.
"Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States. Hollywood, and many other areas within the U.S.A., are being devastated," emphasized the US president.
According to him, this is a "concerted effort" representing a "National Security threat."
When questioned by reporters about his statement, Trump asserted that foreign nations had taken over the American film industry by luring productions with financial incentives. He claimed that implementing tariffs would fix what he described as failures by previous administrations that permitted this shift.
Record profits for the American film industry
According to various business publications, the American film and entertainment industry remains a significant market, generating revenue of $29.9 billion in 2023, with projections to grow to $47.7 billion by 2030.
However, available data do not allow for the precise determination of the trade balance in terms of film import and export.
