Netflix (NFLX), Disney (DIS) and other media stocks fell in early trade after President Trump vowed to slap 100% tariffs on all movies produced outside the US.
The duties will protect Hollywood, which is being “devastated” as other countries offer film producers incentives for shoots, Trump said in a post to Truth Social.
“The Movie Industry in America is DYING a very fast death,” he wrote in the Sunday post. “This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda!”
While Trump gave few details on how the tariffs will be implemented, the move is seen as a risk for the major media players, which all shoot film and TV projects in overseas locations.
Netflix (NFLX) fell more than 4%, while Walt Disney (DIS) stock dropped over 2%. Shares of Warner Bros. Discovery (WBD), Amazon (AMZN), and Paramount Global (PARA) also declined.
Reuters reports:
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