Trump has railed against value-added tax as a burden to U.S. companies, although economists say this kind of tax is trade-neutral because it applies equally to imports and exports. Value-added tax, or VAT, is paid by the end purchaser at the cash register but differs from sales taxes in that it is calculated at each stage of the production process.

China has said it's evaluating approaches from US officials to start negotiations about tariffs, a potential deescalation in the trade war that has raised hopes formal trade talks could start soon. "If we fight,

President Donald Trump suggested he may reduce tariffs on Chinese goods in the future, acknowledging that current rates have brought trade between the U.S. and China to a near standstill. The steep tariffs -- some reaching 145% on imports from China -- have been met with reciprocal duties of up to 125% on American goods.

Donald Trump said the American movie industry was dying a "very fast death" due to the incentives that other countries were offering to lure filmmakers.

In a post Sunday night on his Truth Social platform, Trump said he has authorized the Department of Commerce and the Office of the U.S. Trade Representative to slap a 100% tariff “on any and all Movies coming into our Country that are produced in Foreign Lands.”