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US President Donald Trump announced a 100% tariff on all foreign-made films, citing what he called the "theft" of the American film industry by overseas players. The announcement, made via his social media platform Truth Social, comes after months of speculation about potential trade policies that would protect US entertainment businesses. In his post, Trump wrote, "Our movie making business has been stolen from the United States of America, by other countries, just like stealing 'candy from a baby'."
He particularly hit out at California, saying the state, under its "weak and incompetent Governor," had suffered the most due to foreign competition in the entertainment industry.
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Trump framed this tariff as a necessary move to protect American creativity and film production.
Impact on Hollywood and Streaming Platforms
Hollywood and streaming services like Netflix and Warner Bros. Discovery shares saw declines in premarket trading. Netflix dropped by 1.4%, and Warner Bros. Discovery fell by 0.6%, according to Reuters.
Trump’s announcement of heavy tariffs on imported furniture
Trump also shared his plan to impose substantial tariffs on imported furniture as part of a broader strategy to revive North Carolina’s struggling furniture industry and boost domestic manufacturing.
Trump shared the announcement on Truth Social, stating, "To make North Carolina, which has completely lost its furniture business to China and other countries, GREAT again, I will be imposing substantial tariffs on any country that does not manufacture its furniture in the United States. More details to follow!!!"
Trump tariff
This announcement follows Trump's earlier decision on September 25, where he declared a 100% tariff on branded and patented pharmaceutical products.
Additionally, Trump proposed a 50% tariff on kitchen cabinets, bathroom vanities, and related items, alongside a 30% tariff on upholstered furniture. These moves are part of Trump's ongoing efforts to encourage domestic production and reduce reliance on imports.
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