U.S. media, entertainment companies' shares slip on tariff plans for foreign films
Netflix Inc. and Warner Bros. Discovery Inc. fell about 3 percent while Paramount Global and Walt Disney Co. slid about 2 percent as markets opened.
In a post on Truth Social, the American leader said he was directing the Commerce Department and his trade representative to "immediately begin the process of instituting" the levy on foreign movies. "WE WANT MOVIES MADE IN AMERICA, AGAIN!" Trump continued.
The president also positioned foreign productions as a national security threat, saying other nations were using films for messaging and propaganda.
"It's not clear how such a tariff would work, nor how such movies would be valued for tariff collection purposes," reported Bloomberg News about the development. "Many films from Hollywood studios involve global production, including shooting locations in foreign countries and post-production work that can be done anywhere in the world."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Borneo Post
19 minutes ago
- Borneo Post
European leaders to join Zelensky in US for Ukraine talks with Trump
In this pool photograph distributed by the Russian state agency Sputnik, Russia's President Vladimir Putin makes a statement during a meeting at the Kremlin in Moscow on August 16, 2025, a day after US-Russia summit on the conflict between Russia and Ukraine. – Sputnik/AFP source photo BRUSSELS (Aug 17): European leaders will join Ukrainian President Volodymyr Zelensky during his visit to Washington on Monday seeking an end to Moscow's invasion, after President Donald Trump dropped his push for a ceasefire following an Alaska summit with Russian leader Vladimir Putin. Securing a ceasefire in Ukraine, more than three years after the Kremlin ordered the invasion, had been one of Trump's core demands before the summit, to which Ukraine and its European allies were not invited. But after the meeting yielded no breakthrough, Trump ruled out an immediate ceasefire in Ukraine — a move that would appear to favour Putin, who has long argued for negotiations on a final peace deal. Ukraine and its European allies have criticised Putin's stance as a way to buy time and press Russia's battlefield advances. The leaders heading to Washington on Monday to try and bend Trump's ear on the matter include German Chancellor Friedrich Merz, French President Emmanuel Macron, NATO Secretary-General Mark Rutte and European Commission President Ursula von der Leyen. Ahead of the visit, von der Leyen said on X she would welcome Zelensky for a meeting in Brussels on Sunday which other European leaders would join by video, before accompanying the Ukrainian leader on his US trip at his 'request' and with 'other European leaders'. The German government, which confirmed Merz was going, said it would try to emphasise 'interest in a swift peace agreement in Ukraine'. Trump had briefed Zelensky and European leaders on his flight back from Alaska to Washington, saying afterwards that 'it was determined by all that the best way to end the horrific war between Russia and Ukraine is to go directly to a peace agreement which would end the war'. Ceasefire agreements 'often times do not hold up,' Trump argued on his Truth Social platform. But Zelensky has appeared unconvinced by the change of tack, saying on Saturday that it 'complicates the situation'. If Moscow lacks 'the will to carry out a simple order to stop the strikes, it may take a lot of effort to get Russia to have the will to implement (something) far greater — peaceful coexistence with its neighbours for decades,' he said on social media. European leaders for their part have expressed unease over Trump's outreach to Putin from the outset. – 'Harsh reality' – Trump expressed support during his call with Zelensky and European leaders for a proposal by Putin to take full control of two eastern Ukrainian regions that Russia largely controls in exchange for freezing the frontline in two others, an official briefed on the talks told AFP. Putin 'de facto demands that Ukraine leave Donbas,' an area consisting of the Donetsk and Lugansk regions in eastern Ukraine, the source said. In exchange, Russian forces would halt their offensive in the Black Sea port region of Kherson and Zaporizhzhia in southern Ukraine, where the main cities are still under Ukrainian control. Several months into its full-scale invasion of Ukraine, Russia in September 2022 claimed to have annexed all four Ukrainian regions even though its troops still do not fully control any of them. 'The Ukrainian president refused to leave Donbas,' the source said. Trump notably also said the United States was prepared to provide Ukraine security guarantees, an assurance Merz hailed as 'significant progress'. But there was a scathing assessment of the summit outcome from the European Union's top diplomat Kaja Kallas, who accused Putin of seeking to 'drag out negotiations' with no commitment to end the bloodshed. 'The harsh reality is that Russia has no intention of ending this war any time soon,' Kallas said. – Zelensky back in White House – The diplomatic focus now switches to Zelensky's talks at the White House on Monday with the European leaders in tow. The Ukrainian president's last Oval Office visit in February ended in an extraordinary shouting match, with Trump and Vice President JD Vance publicly berating Zelensky for not showing enough gratitude for US aid. In an interview with broadcaster Fox News after his sit-down with Putin, Trump had suggested that the onus was now on Zelensky to secure a peace deal as they work towards an eventual trilateral summit with Putin. 'It's really up to President Zelensky to get it done,' Trump said. Meanwhile, the conflict in Ukraine rages on, with both Kyiv and Moscow launching attack drones at each other Sunday. In his post-summit statement in Alaska, Putin had warned Ukraine and European countries not to engage in any 'behind-the-scenes intrigues' that could disrupt what he called 'this emerging progress'. – AFP ceasefire European peace talks Russia-Ukraine war
The Sun
an hour ago
- The Sun
EU's von der Leyen to meet Trump in White House
EUROPEAN Commission President Ursula von der Leyen said in a post on X that she will be meeting U.S. President Donald Trump along with other European leaders in the White House on Monday at the request of Ukrainian President Volodymyr Zelenskiy. She also said that she will welcome Zelenskiy in Brussels later on Sunday and together will participate in a meeting of European leaders - REUTERS
Malaysia Sun
2 hours ago
- Malaysia Sun
Zelenskyy to meet Trump in Washington on Monday, days after US-Russia talks in Alaska
Kyiv [Ukraine], August 17 (ANI): Ukrainian President Volodymyr Zelenskyy announced that he would be meeting with US President Donald Trump on Monday for diplomatic efforts to end the Russia-Ukraine conflict, just two days after the 'historic' bilateral meeting between Trump and his Russian counterpart Vladimir Putin in Alaska. In a post on X on Saturday, Zelenskyy revealed that he and Trump had held a 'long and substantive' call, beginning with one-on-one talks and later including European leaders in a broader discussion, where Trump briefed him on his recent meeting with Putin. Zelenskyy underscored that Washington has a vital role in efforts to end the conflict. 'We had a long and substantive conversation with @POTUS. We started with one-on-one talks before inviting European leaders to join us. This call lasted for more than an hour and a half, including about an hour of our bilateral conversation with President Trump,' the Ukrainian President said. 'Ukraine reaffirms its readiness to work with maximum effort to achieve peace. President Trump informed about his meeting with the Russian leader and the main points of their discussion. It is important that America's strength has an impact on the development of the situation,' he added. Zelenskyy also welcomed Trump's proposal for a trilateral meeting involving Ukraine, the US and Russia, underlining Kyiv's commitment to peace and close coordination with international partners. 'We support President Trump's proposal for a trilateral meeting between Ukraine, the USA, and Russia. Ukraine emphasises that key issues can be discussed at the level of leaders, and a trilateral format is suitable for this,' the post read. 'On Monday, I will meet with President Trump in Washington, D.C., to discuss all of the details regarding ending the killing and the war. I am grateful for the invitation,' it added. Zelenskyy reiterated Ukraine's commitment to peace and said Kyiv remains ready to work with maximum effort to achieve a resolution, adding that European involvement would be critical in securing lasting and reliable security guarantees. 'It is important that Europeans are involved at every stage to ensure reliable security guarantees together with America. We also discussed positive signals from the American side regarding participation in guaranteeing Ukraine's security. We continue to coordinate our positions with all partners. I thank everyone who is helping,' the post concluded. Earlier, Trump also stated that the Ukrainian President will be coming to Washington on Monday, and if things work out then a meeting will be scheduled with Russian President Vladimir Putin. 'President Zelenskyy will be coming to D.C., the Oval Office, on Monday afternoon. If all works out, we will then schedule a meeting with President Putin. Potentially, millions of people's lives will be saved. Thank you for your attention to this matter!' Trump stated in a post on Truth Social. Earlier on Friday, the US and Russia held the much-anticipated truce talks meeting in Alaska to discuss bringing an end to the conflict in Ukraine. Russia's top economic envoy, Kirill Dmitriev, said the US received Russia 'very well' in Alaska and that the two countries would continue building relations despite 'resistance.' (ANI)
