President Donald Trump has revealed plans to impose a 100% tariff on movies produced outside the United States of America.
Trump announced on Truth Social, even though he did not reveal when it would come into effect.
If the tariff is introduced, then it will be the first time that he has introduced a tariff on a service and not on goods.
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Trump initially threatened to introduce the tariff back in May, saying tax systems in other countries have forced filmmakers to move abroad. He particularly pointed out California as a city that has been seriously hit.
Upon hearing the news in May, Hollywood was completely caught off guard, even though experts say that it is a complex process to enforce it.
The news has caused a shakeup in the stock exchange, with shares of major companies dropping by 1% as others started strong.
