Stock market today: Dow, S&P 500, Nasdaq futures slide as tariff fears revive to kick off big Fed week
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: