Domestically, despite hopes for a bounce-back, 2025 projections hover around $9 billion, according to The Numbers—a far cry from the reliable $11 billion floor the industry enjoyed throughout the 2010s. Major studios are collectively releasing 10 to 15 fewer wide releases per year than they did before the pandemic.

The industry isn't taking that first "100% tariff" post at face value. And yet, says one IATSE member: “A few years ago, a proposal like this would’ve been 70 percent opposed by the rank and file. Now?

Declaring foreign film production a national security threat, the president said he had asked his top trade official to start the process of imposing a tax on Hollywood.