The construction and film sectors in the United States are sounding alarms as new rounds of tariffs introduced by the federal government started to take effect on Wednesday.
Beginning October 1, tariffs on imported goods such as lumber, cabinets and pharmaceuticals have started to ripple through markets. At the same time, President Donald Trump's threat to impose a 100-percent tariff on all films produced outside the country has sent fresh shockwaves through Hollywood.
In the construction sector, rising material costs are already being felt on the ground. On Long Island's Great Neck, New York, real estate professionals said that the escalating tariffs are increasing building expenses, compounding an already heated housing market.
"So tariffs have indirectly affected the Great Neck market; prices have gone up, kitchen renovations have gone up, the price of lumber and concrete, everything has gone up," said Edna Marshal, a local real estate agent.
The film industry, meanwhile, is grappling with the potential impact brought by the tariff policy.
Veteran producer Peter Shiao said soaring living and production expenses are already putting pressure on film workers and studios across California.
He said that the Hollywood film industry has been declining in the past few years, and U.S. President Trump's logic that film tariffs can help the U.S. film industry does not make sense. If this policy is implemented, it may backfire, Shiao noted.
"The long-term impacts of these tariffs is really unknown. I can honestly just say to you, right now does not look to be a positive one. But before we get into the impacts of this tariff, I think there are substantial legal barriers to this tariff being enacted. Because as you know, a movie product is not exactly like a widget; it's not a washer, it's not a dryer, it's not a car. It's actually kind of a digital experience, so how you enforce it is a big question mark," said Peter Shiao, a film producer.
US construction, film industries warn of rising costs under new tariffs
US construction, film industries warn of rising costs under new tariffs
