President Donald Trump's continued hard-line stance on tariffs imposed against China has only continued to escalate. In spite of the temporary 90-day pause on tariffs the president has put into place with select countries, Trump has only added further tariffs for most Chinese imports.
As with almost every major economy across the globe, the toll Trump's ongoing wave of tariffs have had on China's economy has been devastating. Since Trump's plan has taken effect, the U.S. have raised their tariff rate against the country to an astonishing 145%. The aggressive U.S. financial strategy wreaked havoc on the Chinese stock market, although it has since stabilized as a result of allocated state funds kicking in.
With Trump refusing to relent in his growing trade war against the country, China has since announced their plans to reduce the number of U.S. films imported into the country.
Earlier today, the Chinese Film Association sent out a press release admonishing Trump's tariffs, writing, "We will follow market rules, respect the audience’s choice, and moderately reduce the number of American films imported. China is the world’s second-largest film market. We have always adhered to a high level of opening up to the outside world and will introduce more excellent films from the world to meet market demand.”
Earlier this week, bloggers close to China's administrative authorities revealed that the nation had been considering "reducing or banning the import of US films" in retaliation to Trump's tariffs. While the ensuing response has proven to be somewhat more lenient, this development could negatively impact the U.S. film industry, spelling out potential disaster for big-budget movies produced in Hollywood.
Financial earnings from China have long accounted for Americans' films economic success at the box office. Last year, U.S. films raked in roughly $1.2 billion from Chinese audiences, with China typically considered the second largest movie market outside of the U.S.
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