Hollywood sign in Los Angeles Photo: VCG

The White House appeared to walk back an announcement by US President Donald Trump that he would slap 100 percent tariffs on foreign-produced films to boost Hollywood, USA Today reported on Monday.

Both Trump and the White House on Monday walked back the idea that the tariffs were certain to be adopted, CNBC also reported on Monday.

White House spokesman Kush Desai said that "no final decision on foreign film tariffs have been made."

"The Administration is exploring all options to deliver on President Trump's directive to safeguard our country's national and economic security while Making Hollywood Great Again," he said on Monday, according to CNBC.

Following uproar over his post late Sunday, Trump dialed back his rhetoric on Monday. The president said he would ask Hollywood studios if "they're happy" with his proposal to impose tariffs of 100 percent on films made outside of the US, CNBC reported.

"I'm not looking to hurt the industry, I want to help the industry," Trump told reporters at the White House, according to CNBC.

Trump announced on Sunday on his Truth Social platform that he has authorized the Commerce Department and US Trade Representative to begin the process of instituting a 100 percent tariff on films that are produced in foreign lands and imported into America. 

Shares of media companies slipped on Monday. Streaming pioneer Netflix, which relies on global operations to produce content for international audiences, posted a 2 percent decline in its stock. Disney and Universal-owner Comcast edged lower. Stocks of theater operators such as Cinemark and IMAX were down 1.6 percent and 2 percent, according to Reuters.

Tariffs on movies might prove particularly hard to implement, Reuters reported.

One studio executive compared movie production to auto manufacturing, with various pieces - filming, visual effects and other elements - completed around the world, then assembled, through post-production, in the US, according to the report.

Producer Todd Garner said proposed tariffs could have the unintended consequence of stymieing creativity. He cited director Steven Spielberg's acclaimed World War II epic on the invasion of Normandy, France, "Saving Private Ryan."

"How would you make 'Saving Private Ryan' in the US? In Shreveport?" Garner said from Australia, where he is filming the action-drama 'Runner.' "Or a globe-trotting 'Mission: Impossible?'"

The Canadian Media Producers Association on Monday warned of significant disruption to the media production sector due to US' proposed tariffs on international media productions, the Xinhua News Agency reported on Monday.

While specific details are far from clear at this point, the proposed actions outlined in Trump's announcement will cause significant disruption and economic hardship to the media production sectors on both sides of the Canada-US border, said the association in a statement, Xinhua reported.

Global Times