Hollywood's China crisis: Beijing cuts film imports amid tariffs
The Chinese Film Administration plans to reduce the number of Hollywood films being imported, as a response to the trade war initiated by Donald Trump. According to Beijing, the trade war will "negatively" impact the reception of American productions, reports the "South China Morning Post".
"We will follow the market rules, respect the audience’s choice, and moderately reduce the number of American films imported," the Chinese Film Administration reported on Thursday.
According to Chinese filmmakers, "the US government’s erroneous practice of imposing excessive tariffs on China is likely to further diminish the Chinese audience’s favourable perception of American films," it states.
As reported by "The Hollywood Reporter," China had committed to showing 34 foreign films annually, with foreign studios entitled to a 25% share of ticket sales. Beijing's decision surprised some representatives of the Chinese film industry. Just a few days ago, the distribution of the film "Thunderbolts*" from the Marvel universe was approved, with the premiere announced for April 30th. However, it is now uncertain if it will proceed.
The American media note that Hollywood productions are not as popular in China as they once were. Nevertheless, some productions still manage significant success. An example is "Avatar: The Way of Water" by James Cameron, which grossed $246 million (approximately CAD 344 million) in China.
Trump raises tariffs
According to the latest findings, U.S. tariffs on China stand at 145%, including a 125% rate, which encompasses so-called reciprocal tariffs, and the tariffs imposed on China in response to Chinese retaliatory tariffs. The tariffs on Beijing also include a 20% rate imposed by Trump earlier this year for alleged fentanyl smuggling.
Experts say we are witnessing more than a skirmish between Washington and Beijing, but a "total trade war."
