President Donald Trump is placing 100% tariffs on Hollywood movies not made in America, as he criticized the home state of the U.S. film industry for not doing enough to keep movies from being made abroad.
“Our movie making business has been stolen from the United States of America, by other Countries, just like stealing candy from a baby,” Trump said on Monday on his social media platform, Truth Social.
“California, with its weak and incompetent Governor, has been particularly hard hit! Therefore, in order to solve this long time, never ending problem, I will be imposing a 100% Tariff on any and all movies that are made outside of the United States.”
Shares of traditional media giants Disney (NYSE:DIS), Sony (NYSE:SONY), and Warner Bros. Discovery (NASDAQ:WBD) turned negative in reaction to the announcement. Streaming giant Netflix (NASDAQ:NFLX) also turned red in sympathy to its peers.