Trump to impose 100 pct tariff on all movies "produced in foreign lands"

U.S. President Donald Trump said on Sunday that he is authorizing to immediately begin the process of instituting a 100 percent tariff on all movies "produced in foreign lands."

In a post on his Truth Social platform, Trump wrote, "The Movie Industry in America is DYING a very fast death."

"Other countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States. Hollywood, and many other areas within the U.S.A., are being devastated," Trump said in the post, calling the situation "a national security threat."

He authorized government agencies, including the Department of Commerce and the United States Trade Representative, to immediately begin the process of imposing a 100 percent tariff on "any and all" movies entering the United States that are produced in other countries.

Commerce Secretary Howard Lutnick responded on X, saying they're "on it." Neither Lutnick nor Trump provided any details on the tariffs' implementation.

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 20 pips to 7.0108 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.