US president claims that Hollywood is present process a ‘very quick demise’ regardless of raking in $30bn in revenues in 2024.
United States President Donald Trump has introduced plans to impose a 100% tariff on overseas movies, claiming that Hollywood is present process a “very quick demise” on account of abroad competitors.
In a social media put up on Sunday, Trump stated he had directed the US Division of Commerce and the US Commerce Consultant to instantly start the method of imposing the tariff on “any and all” movies produced in “overseas lands”.
“Different International locations are providing all types of incentives to attract our filmmakers and studios away from the USA. Hollywood, and plenty of different areas inside the united statesA., are being devastated,” Trump stated on his Reality Social platform.
“It is a concerted effort by different Nations and, subsequently, a Nationwide Safety menace. It’s, along with all the things else, messaging and propaganda!”
Trump didn’t elaborate on how such a tariff would work in sensible phrases, together with whether or not it could be utilized to Hollywood options that contain capturing and manufacturing throughout a number of nations.
Trump’s announcement follows his appointment in January of actors Sylvester Stallone, Mel Gibson and Jon Voight as “particular ambassadors” tasked with bringing again enterprise that Hollywood has misplaced to different nations.
On the time, Trump stated the actors can be “my eyes and ears” as he set about instituting a “Golden Age of Hollywood”.
Hollywood has confronted robust enterprise situations in recent times amid the fallout of the COVID-19 pandemic and the 2023 actors’ and writers’ strike.
Hollywood studios grossed about $30bn worldwide final yr, down about 7 % from 2023, in response to Gower Avenue Analytics.
Whereas final yr’s efficiency was an enchancment on revenues in 2020, 2021 and 2022, it was nonetheless about 20 under the pre-pandemic common, in response to Gower Avenue Analytics.
