The White House on Monday said “no final decisions” have been made on hitting foreign films with a 100% tariff, according to a statement shared with TheWrap. The update came just one day after President Trump said he would impose the stiff tariff to help save a “dying” entertainment industry.
“Although no final decisions on foreign film tariffs have been made, the administration is exploring all options to deliver on President Trump’s directive to safeguard our country’s national and economic security while Making Hollywood Great Again,” White House spokesman Kush Desai said.
Desai’s statement came less than 24 hours after the president said he will impose a 100% tariff on “any and all” films made outside the United States.
“Hollywood, and many other areas within the U.S.A., are being devastated. This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda!” President Trump said on Truth Social on Sunday.
He added: “Therefore, I am authorizing the Department of Commerce, and the United States Trade Representative, to immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands. WE WANT MOVIES MADE IN AMERICA, AGAIN!”
Several major entertainment companies saw their share prices take slight hits on Monday morning right after the markets opened, but investors did not seem too worried about the 100% tariff, at least at first glance. Netflix’s stock was down 1.68% about two hours into trading on Monday, while Paramount’s share price dipped 1.10%; Lionsgate suffered the biggest drop of the morning, seeing its share price decline 5.58% a few hours into trading.
Disney and Comcast, meanwhile, started the day off with modest dips, before reversing course and making minor gains by about noon ET. That stock action came as the S&P 500 declined 0.41% and the Nasdaq was down 0.65% a few hours into trading, while the Dow Jones was up 0.10%.
The president’s Sunday announcement also came as domestic production has slowed down in recent years, with on-location shooting in Los Angeles County dropping 22% year-over-year in the first quarter of 2025. President Trump’s plan has also raised some questions, including whether TV series filmed abroad will also be hit by the tariff.
In other markets- and tariff-related news, President Trump over the weekend said he has trade deals lined up with multiple countries and that they may be announced this week. He also told “Meet the Press” the current 145% tariff on Chinese imports will be reduced, sooner or later.
“At some point, I’m going to lower them, because otherwise, you could never do business with them, and they want to do business very much,” Trump said.
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