After President Donald Trump on Sunday announced a 100% tariff on movies produced outside the U.S., production companies and Hollywood insiders began assessing the possible consequences of the levy.
California has lost production spending in recent years, faced with stiff competition from other states and countries that offer more extensive tax credits, especially following .
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WATCH HEREAcknowledging that an estimated 71% of films that were not able to secure the state’s tax credits ended up moving to a different state, Gov. Newsom last year proposed to expand the state’s . FilmLA has dropped some 40% in the last decades.
While production companies and studios are desperate for a lifeline, they need more specific details from Trump’s proposals to evaluate the potential impact.
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SIGN UP “(Tariffs) are really targeted at the people who are taking production needlessly out of the United States to save money that really goes back to shareholders or that goes into executive compensation packages,” said entertainment industry analyst Wade Major said.
Although the extent of the possible impact by the film tariff is not clear, experts agree that it would likely hurt independent films, such as last year’s Oscar winner “The Brutalist.”
“It would drive up costs for making movies,” said Jonathan Handel, entertainment attorney and analyst. “No one in Hollywood is asking for tariffs, and they have potentially devastating effects on the motion picture business.”
After announcing his plans, Trump on Monday did walk back the idea that the tariffs were certain to be adopted, adding that he would ask Hollywood studios if “they’re happy” with his tariff proposal.
“I’m not looking to hurt the industry, I want to help the industry,” Trump told reporters at the White House. “I want to make sure they’re happy with it because we’re all about jobs.”
Another question mark regarding the potential movie tariff: Will it impact TV shows that are made overseas? Streaming platforms like Netflix have been making international TV shows, targeting a more diverse and international subscriber base.
