" The moves marked a dramatic reversal after Trump vigorously defended the steep tariffs amid the economic and market upheaval.Start the day smarter. Get all the news you need in your inbox each morning.

With more and more film productions already moving overseas, any increases to costs will not help woo projects stateside.

President Donald Trump’s trade policy just took another sharp turn, as Trump announced on Truth Social that he was jacking China tariffs higher to 125 percent but issuing a 90-day pause for many of the “Liberation Day” tariffs that had begun to squeeze other countries around the world today.