The United States will impose a 100% tariff on all movies made outside the country, US President Donald Trump said in a post on Truth Social on Monday.
"Our movie making business has been stolen from the United States of America, by other Countries, just like stealing 'candy from a baby'," he said on Monday, reports the Bangkok Post.
Trump had threatened to impose such levies earlier in May but offered few details, leading to confusion among entertainment industry executives.
Shares of Netflix and Warner Bros Discovery were down 1.4% and 0.6%, respectively, in premarket trading.
However, it was not immediately clear what legal authority Trump would use to impose a 100% tariff on foreign-made films.
The White House did not immediately respond to a mdia queries for comment on how the tariffs would be implemented.
Top U.S. studios Warner Bros Discovery, Paramount Skydance and Netflix also did not immediately respond to requests for comment.
