Netflix, Disney, Paramount Stocks Fall. Blame Trump’s Movie Tariff Idea.
President Donald Trump took aim at the movie industry over the weekend, saying he will impose a 100% import tax on movies produced abroad. “I am authorizing the Department of Commerce, and the United States Trade Representative, to immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands,” Trump wrote in a post on Truth Social. Netflix shares fell 4% to $1,109.76 in premarket trading Monday following the announcement.