Trump orders tariff on foreign-made movies, Reuters reports

U.S. President Donald Trump announced a 100% tariff on movies produced outside the country, stating the industry was dying a “very fast death” due to incentive other countries have to lure filmmakers, Andrea Shalal and Tim Reid of Reuters reports. Movies and TV production has been shifting away from Hollywood for years due to tax incentives making film cheaper. It is not yet clear if the tariffs would apply to movies on streaming services as well as those in theaters or if they would be calculated based on production or box office revenue. Companies in the space include Paramount (PARA), Warner Bros. Discovery (WBD), Lionsgate (LGF.A) (LGF.B), and Sony (SONY).