Millions lost for Hollywood: China wants to ban American films
The ban on the release of expensive blockbusters like "Jurassic World: Dominion" and "Mission: Impossible" in China is expected to cost half a billion dollars.
This was reported by the Daily Mail.
The trade war under US President Donald Trump will impact the film industry in the United States. China plans to ban Hollywood films, stating it will never tolerate the "blackmail" from the United States after the escalation of threats by President Donald Trump to impose additional tariffs on Beijing.
Last year, American films earned $585 million in China, which accounted for about 3.5% of China’s total box office earnings of $17.71 billion and is one of the largest shares among foreign films.
The ban on American films could result in future releases like "Jurassic World 2," "Revenge 2," and the sequel to "Mission: Impossible" losing hundreds of millions of dollars on the Chinese market.
US President Trump stated yesterday that he would impose an additional 50% tariff on China if Beijing did not remove its corresponding tariffs on the US, which China immediately called "blackmail" and developed plans to ban certain types of imports from the US in response.
"US threats were mistakes upon mistakes, once again demonstrating the blackmailing nature of the US," said a statement from China’s Ministry of Commerce, published this morning. The Ministry urged the US to properly resolve differences with China through dialogue based on mutual respect and on equal terms.
"There are no winners in tariff wars, and protectionism has no exit. The Chinese don’t create problems, but they are not afraid of them. Pressure, threats, and blackmail are the wrong way to deal with China," said Foreign Ministry spokesman Lin Jian.
If Trump follows through on his plan to impose an additional 50% tariff on Chinese goods unless China removes its corresponding tariffs on US goods, by Wednesday the total amount of new US tariffs on Chinese goods could rise to 104%.
Chinese tariffs were introduced in response to the 34% "reciprocal" tariffs announced by Trump, in addition to the 20% tariffs imposed earlier this year, causing the average US tariff on Chinese goods to rise to 76%.
"If tariffs continue to rise and rise, it will become a battle of wills and principles, not economics. Since China is already facing a tariff rate of over 60%, it doesn’t matter whether it increases by 50%, or 500%," said Xu Tianchen, senior economist for China at the Economist Intelligence Unit.
Deputy Editor
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