Economist Peter Schiff criticized President Donald Trump‘s proposed 100% tariff on foreign-produced movies, questioning its implementation and suggesting that Netflix Inc. (NASDAQ:NFLX) subscribers would ultimately bear the cost.
What Happened: “Today Trump announced a 100% tariff on movies produced outside of the United States. But movies aren’t physical goods that come across the border in a way that a tariff can be applied,” Schiff wrote Sunday on X. “This would be some new kind of federal excise tax on Americans who watch movies filmed abroad.”
When a user on X suggested the tariff would only apply to physical DVDs, Schiff responded, “There are very few of those these days… I think it’s meant to apply to theatrical releases and streaming services too. Otherwise it’s pointless.” He added that if Netflix collects the tax, “It’s paid by Netflix subscribers.”