By: Amit kumaR Agarwal
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| Popcorn Flicksss shoots it's latest film backed by a US Producer in 2024 |
The proposed 100% tariff on foreign-produced films was met with shock and disbelief across the European film industry that relies on receipts from the US market to keep their movies and productions afloat.
Interestingly, Cannes Film Festival is kicking-off in less than two weeks! This announcement has severely impacted the producers that were planning to sell their films, do co-productions and seek funding at the Cannes Film Market - Marche du Film.
Though, it is unclear how the levies, which were announced over the weekend on social media, would be enforced, there are widespread concerns that if they are enacted, the tariffs can, 'potentially end' the global film business that relies on a network of international incentives to make movies.
Komal Bhatt a model and producer based in U.K. sounded pessimistic as she confessed - "I spend a bomb this year to be at Cannes. My first Cannes, this announcement has already ruined my plans. UK film industry is seeing an all-time low, U.S. movies that are filming, are keeping cast and crew afloat."
Nyla Kumari, an actress from India, putting together a film starring herself in the lead said, "I had two US Producers coming to Cannes and we were supposed to announce the film. I am not sure what is the plan now. This tariff plan will surely rattle the productions and impact us."
Lindsey a line-producer and an actress based in UK says, “This tariff plan will mean that a U.S. film should be filmed in U.S.; but what if the filming requires foreign locations, a landscape that is essentially European."
A producer based in Netherlands, Roland said, "this will practically mean almost 40% of films being stalled. I was going to Cannes to meet U.S. producers, but will there be any use of meeting them after this, I wonder."
While industry experts are still of the view that let's not panic, be calm and see over a period of time, what this means. Let’s see the fine print, first. Industry is already in panic mode, with the first set of emails for re-structuring already shot to the creative and financial teams.