- Says it’s to save ‘Dying’ Hollywood
By Kolawole Ojebisi
President Donald Trump has extended his sweeping tarrif increase to the entertainment industry by raising the levy on foreign movies to 100%.
The US president said the move is to mitigate what he described as “rapidly declining” Hollywood movies.
This is contained in a statement issued early Monday morning, According to the statement, Trump attributed the purported decline of Hollywood to the enticements in form of incentives US filmmakers are getting from countries.
The president described the supposed downturn of Hollywood outputs as national security threat.
He said his decision would “save” the US movie industry.”The movie industry in America is dying a very fast death. Hollywood, and many other areas within the U.S.A., are being devastated,” he said.
“This is a concerted effort by other nations, and therefore, a national security threat. It is, in addition to everything else, messaging and propaganda!
“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.”
Trump’s assertion comes as recent data indicates a degree of resilience in the US box office.
The US movie industry has shown remarkable improvement over the years, displaying impressive resilience even in the face of COVID-19 pandemic and its aftershocks.
However, in the tail-end of last year, the US box office reached approximately $8.7 billion, a slight decline of about three percent from 2023’s $9 billion, according to a Hollywood report.
Stronger signs of growth are expected this year.
Meanwhile, Trump’s call for a 100 percent tariff on all foreign-produced films has also raised eyebrows.
The proposed tariff also raises concerns about retaliatory measures from affected countries, potentially expanding existing trade tensions into the creative and cultural industries.
This move is the latest of the Trump administration since assuming office in January.
The US president had earlier initiated a universal 10 percent import tax, sharply higher rates for certain countries and sectors, and new secondary tariffs targeting third-party trade, making this the most aggressive US tariff regime since the 1930s.
Meanwhile, movie aficionados are keeping tabs on the industry, unsure of what reactions the decision will trigger across the globe, particularly from Indian film industry known as Bollywood and other big players.
