Announcing the new tariffs, Trump declared that Hollywood was "dying". So is it? It's true that the industry has been through a really rough time in recent years. The pandemic saw production close down and the impact is ongoing. Hollywood studios spent $11.3 billion on productions in the second quarter of 2024, a 20% drop from the same period in 2022, as studios continued to cut costs in an attempt to recover from Covid losses.

Movies are a new focal point for the Trump administration's campaign to impose tariffs across a wide range of industries, from tech to textiles and beyond. In a Sunday night social media post, President Donald Trump said the US movie industry "is DYING a very fast death." He wrote that he's authorizing a 100% tariff "on any and all Movies coming into our Country that are produced in Foreign Lands."

“The Movie Industry in America is DYING a very fast death. Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States. Hollywood, and many other areas within the U.S.A., are being devastated. This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda!” Trump said.