Trump proposes 100% tariff on foreign films as Hollywood faces $14.54 billion production spending decline in 2024

Hollywood faces critical challenges with a 26% decline in production spending and a 37% drop in U.S. film productions as Trump proposes 100% tariffs on foreign films.

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Updated 18m ago
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The Headline

Trump’s tariff proposal and Hollywood's response

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.
Donald Trump
US President
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He blamed a 'concerted effort' by other countries that offer incentives to attract filmmakers and studios, which he described as a 'National Security threat'.
Donald Trump
US President
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Decline in film productions in Greater Los Angeles
22%
Businessinsider
Decline in U.S. film productions
37%
Businessinsider
Proposed tariff on foreign films
100%
Businessinsider
Key Facts
  • Donald Trump announced plans to impose a 100% tariff on films produced outside the U.S., claiming Hollywood is 'dying a very fast death'.Aljazeera
  • California Governor Gavin Newsom responded by proposing to revive Hollywood production by increasing support for the Film & Television Tax Credit Program.
  • The number of film productions in Greater Los Angeles dropped 22% in the first quarter of the year compared to last year.Businessinsider
  • U.S. film productions were down 37% in the first half of 2024 compared to the same period in 2022, according to ProdPro.Businessinsider
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Background Context

Current challenges in Hollywood's film industry

Production spending last year
$14.54bn
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Decline in production spending since 2022
26%
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Worldwide gross of Hollywood studios
$30bn
Aljazeera
Decline in Hollywood studios' gross from previous year
7%
Aljazeera
Key Facts
  • The U.S. movie industry faced a 26% decline in production spending, with revenues totaling $14.54bn last year, down from previous years.Bbc1
  • Hollywood studios grossed about $30 billion worldwide in 2023, a decline of 7% from the previous year.Aljazeera

Other Facts in these Reports

Trump's comments increase tensions in Washington over trade relations as tariffs are being considered on multiple sectors.
Aljazeera
Effects of tariffs on movies are unclear as films are intellectual property, not currently subject to tariffs.
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