Trump's latest tariff threats aimed at foreign movies, furniture
President Trump expanded his tariff offensive on Monday morning to foreign-made movies and furniture in a move to shore up domestic filmmaking and manufacturing.
"I will be imposing substantial Tariffs on any Country that does not make its furniture in the United States," wrote Trump in a Monday morning social media post, also stating that North Carolina "has completely lost its furniture business to China."
The president said more details on the furniture tariffs would follow, though it's unclear how they would work, given recent levies imposed on the industry and the fact that corporations, not countries, are the ones that manufacture goods.
Read more: The latest news and updates on Trump's tariffs
Shares of furniture manufacturers RH (RH) and Williams-Sonoma (WSM) both declined nearly 5% immediately following the post.
Monday's post comes after the president last week announced 50% tariffs on kitchen cabinets and bathroom vanities starting Oct. 1, as well as 30% tariffs on upholstered furniture, citing "large scale 'FLOODING'" of products into the United States from abroad.
In a separate post, Trump took aim at foreign-made movies, a target he has gone after before.
"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 social media. "I will be imposing a 100% Tariff on any and all movies that are made outside of the United States."
Shares of Netflix (NFLX) and Disney (DIS) were little changed, while Warner Bros. Discovery (WBD) declined 1%.
Trump called for 100% levies on foreign-made films back in May, sending shares of movie makers lower at the time.
It's unclear how the movie levies would be imposed, given that global productions are often shot in various locations around the world.
Earlier this year, veteran film producer Kathryn Arnold told Yahoo Finance the proposed levies were "insane and devastating" to the industry, especially for lower- and mid-budget productions. "If films are forced to be made here, the pricing of labor and goods and services is higher. Budgets will go up," she said.
Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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