President Donald Trump announced he is slapping new tariffs that could hit Hollywood and anyone looking to redecorate with furniture made abroad.
Trump, 79, has been posting a series of new tariffs on specific industries over the past few days.
On Monday, he announced that he wanted to slap 100 percent tariffs on any movies made outside the U.S., as if to save Hollywood. But he did not get into when the new tariffs would kick in or how they would be imposed.
“Our movie making business has been stolen from the United States of America, by other Countries, just like stealing ‘candy from a baby,’” Trump wrote on Truth Social.
“Therefore, in order to solve this long time, never ending problem, I will be imposing a 100% Tariff on any and all movies that are made outside of the United States,” he added.
The president first threatened to impose tariffs on foreign-made movies in May, as it has become less costly to make and cut films elsewhere.
On Monday, the president claimed California has been particularly hit hard and took aim at Governor Gavin Newsom as incompetent. It comes as the state has passed a series of its own incentives to bring back and retain the movie industry.
The president also took aim at any furniture from outside of the U.S. in a separate post, but said more details would follow.
“In order to make North Carolina, which has completely lost its furniture business to China, and other Countries, GREAT again, I will be imposing substantial Tariffs on any Country that does not make its furniture in the United States,” he wrote.
Since taking office, Trump has imposed a series of tariffs on countries around the globe as he looks to negotiate new deals and reset trade worldwide.
While he has backed off from some of his heftier tariffs and delayed others in the hopes of reaching agreements, a number of tariffs have gone into effect.
Last week, Trump announced a series of other targeted tariffs that are set to take effect on Wednesday.
He announced on social media he would impose a 25 percent tariff on all “Heavy (Big!) Trucks” not made in the U.S.
He also announced a 50 percent tariff on all kitchen cabinets, bathroom vanities and other associated products as well as a 30 percent tariff on upholstered furniture made outside the U.S. He called it a matter of national security.
“The reason for this is the large scale ‘FLOODING’ of these products into the United States by other outside Countries. It is a very unfair practice, but we must protect, for National Security and other reasons, our Manufacturing process,” he claimed.
The president also said the U.S. would impose 100 percent tariffs on any branded or patented pharmaceutical products starting October 1, unless the company is building a plant in the U.S. and construction is already underway.
Numerous economists have warned that Trump’s tariffs could show up in the costs for American consumers, but results have been mixed so far with some companies swallowing the increased costs and Americans’ spending remains strong.
Inflation ticked up slightly to 2.7 percent year-over-year from 2.6 percent from the year before in July, according to the Personal Consumption Expenditures Price Index released on Friday. Not including volatile food and energy costs, prices were up 2.9 percent from a year ago.
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