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Newsom offers to work with Trump on $7.5bn tax credit plan to boost US films
California governor unveils idea after president threatened tariffs on films made abroad
The initiative was triggered after Trump posted on his Truth Social platform that the US film industry was “dying” and unveiled plans for a tariffs on overseas-made productions to reverse the trend, which he called “a national security threat”. Hollywood executives reacted with alarm to Trump’s tariff plan, the Wall Street Journal reported, noting they “expressed confusion over how a levy could be applied to intellectual property with no specific monetary value”. “By creating the right environment through smart incentives, updated policies, and much-needed support, we can ensure that American production companies thrive, more jobs stay here at home, and Hollywood once again leads the world in creativity and innovation.”
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