Netflix (NFLX), Disney (DIS) and different media shares fell in early commerce after President Trump vowed to slap 100% tariffs on all films produced exterior the US.
The duties will shield Hollywood, which is being “devastated” as different international locations supply movie producers incentives for shoots, Trump mentioned in a publish to Reality Social.
“The Film Business in America is DYING a really quick demise,” he wrote within the Sunday publish. “This can be a concerted effort by different Nations and, subsequently, a Nationwide Safety risk. It’s, along with every thing else, messaging and propaganda!”
Whereas Trump gave few particulars on how the tariffs might be carried out, the transfer is seen as a threat for the key media gamers, which all shoot movie and TV tasks in abroad areas.
Netflix (NFLX) fell greater than 4%, whereas Walt Disney (DIS) inventory dropped over 2%. Shares of Warner Bros. Discovery (WBD), Amazon (AMZN), and Paramount World (PARA) additionally declined.
Reuters reviews:
