President Donald Trump Sunday mentioned he has approved a 100% tariff on films made abroad, blindsiding the film business and media giants as he took his tariffs warfare past levies on the import of bodily items into the nation.

The announcement, made by the president on his Fact Social platform, was hitting shares of media giants like Walt Disney Co. (DIS) and Netflix (NFLX) Monday morning. Shares of Disney, which experiences quarterly outcomes Wednesday, have been buying and selling down 2%, whereas these of Netflix have been 5% decrease in premarket buying and selling.

The president known as tax incentives that lure manufacturing of American films abroad a “nationwide safety menace” in a Fact Social publish on Sunday and mentioned the tariffs on all films produced in “international lands” would take impact instantly. Many American films and TV reveals are made in Canada and the U.Okay., each of which provide tax incentives, amongst different locations.

“The Film Business in America is DYING a really quick demise,” Trump mentioned. “Different Nations are providing all kinds of incentives to attract our filmmakers and studios away from the US. Hollywood, and plenty of different areas inside the usA., are being devastated.”

“WE WANT MOVIES MADE IN AMERICA, AGAIN!” he concluded in his publish, which didn’t identify particular corporations.

Netflix and Disney didn’t instantly reply to requests for remark. Business executives have been reportedly stunned by the announcement, not least as a result of it was unclear what precisely the tariffs would entail.

The film business «generated a optimistic stability of commerce in each main market on the planet,» in accordance with the Movement Image Affiliation newest financial impression report.