In a move that is set to shake the global film industry, US President Donald Trump has announced a 100% tariff on foreign movies imported into the United States. This unprecedented decision, announced on his social media platform Truth Social, aims to bolster the American film industry, which Trump claims is “dying a very fast death.”
According to Trump, the decision to impose the tariff is a direct response to other countries offering incentives to lure American filmmakers and studios away from the US. “Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States,” he wrote. To counter this, Trump has instructed the Department of Commerce and the US Trade Representative to begin the process of instituting a 100% tariff on all movies produced outside the US and imported into America.
The US box office has indeed experienced a significant decline in recent years. In 2018, the total box office gross was just under $12 billion, but this figure plummeted to just over $2 billion in 2020, largely due to the COVID-19 pandemic, which forced many theaters to shut down. Although theaters have since rebounded, the number of movie releases has decreased by half compared to 2019, and the total domestic box office gross has not exceeded $9 billion since.
Trump’s decision to impose a 100% tariff on foreign movies is likely to have far-reaching consequences for the global film industry. The move may lead to a significant increase in the cost of importing foreign films into the US, making it more difficult for American audiences to access international movies. On the other hand, the tariff may provide a much-needed boost to the American film industry, which has been struggling to compete with foreign productions in recent years.
As the news of the tariff spreads, the global film community is watching with bated breath to see how this decision will play out. One thing is certain, however: Trump’s move marks a significant shift in the way the US approaches the global film industry, and its impact will be felt for years to come. With the US being one of the largest markets for films, this decision is likely to have a ripple effect on the global box office, and it remains to be seen how other countries will respond to this protectionist move.
