US President Donald Trump on Monday said that he will impose steep tariffs on foreign-made movies and furniture, targeting industries he claims have been hollowed out by overseas competition.

In a post on Truth Social, Donald Trump accused other countries of “stealing” the US movie industry, saying California had been “particularly hard hit.” He declared to impose a 100% tariff on all films produced outside the United States.

"Our movie making business has been stolen from the United States of America, by other Countries, just like stealing 'candy from a baby'," he said on Monday.

Donald Trump had first floated the idea of such tariffs in May, but provided little clarity at the time, leaving entertainment industry executives uncertain about the proposal. Shares of Netflix slipped 1.4%

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