China to "moderately reduce" US film imports as trade war escalates

Beijing [China], April 10 (ANI): China's film regulator on Thursday announced it will "moderately reduce" the number of US films imported into the country, state media reported citing the Chinese Film Administration.
This decision follows US President Donald Trump's imposition of a 125 per cent tariff on the import of all Chinese goods, and Beijing retaliated with "countermeasures," imposing an 84 per cent tariff on US goods.
A spokesperson for the China Film Administration stated that the adjustment follows market principles and reflects audience preferences, as the United States' recent hikes in tariffs on Chinese imports are bound to impact Chinese audiences' interest in US movies as per the official Xinhua news agency.
"We will follow the law of the market, respect the choice of the audience, and moderately reduce the number of imported US films," said the spokesperson.
As the world's second-largest film market, the China Film Administration spokesperson also emphasized that China remains committed to high-level openness and will introduce excellent films from more countries to meet market demand.
As per The Hollywood Reporter, under the most recent trade agreements, China committed to releasing 34 foreign films per year under revenue-share terms, with overseas studios permitted to a 25 per cent share of ticket sales.
Exhibitors in contact with China's Film bureau told The Hollywood Reporter that they were optimistically awaiting positive news about other upcoming US releases, including Apple's Brad Pitt starring racing movie 'F1'. The US entertainment outlet also said that according to sources, China's Film Bureau had just approved on Monday Disney and Marvel's 'Thunderbolts' for a theatrical release on April 30 but with Trump's announcement, it is now unclear whether that release will go forward.
As per the Hollywood Reporter, even with Hollywood's diminished state in China, the film business is one sector where the US maintains a sizable trade surplus with its geopolitical rival, as Chinese films, despite their enormous earnings in the home market, have made little headway with mainstream North American moviegoers.
Meanwhile, after Trump threatened more tariffs on China, Beijing said that it does not want to fight trade and tariff wars but will not flinch when one comes. Chinese foreign ministry spokesperson Lin Jian was cited by State media as addressing a press briefing.
Although Trump placed a 90-day pause on his tariffs on most other countries he did not extend it for China, which accused the US of "bullying" tactics.
Beijing has further reached out to the European Union (EU) and ASEAN countries to forge an united front and force the US to backtrack on its tarrifs.
Chinese Commerce Minister Wang Wentao and European Commissioner for Trade and Economic Security Maros Sefcovic held discussions via video on Tuesday and discussed enhancing China-EU economic and trade cooperation and responding to the "reciprocal tariffs" imposed by the US, the Ministry of Commerce (MOFCOM) said on Thursday in a statement, Xinhua reported.
The EU and China are each other's largest trading partners.
During their talks, Wang noted that the US "reciprocal tariffs" seriously violate the legitimate interests of other countries, breach the WTO rules, undermine the rules-based multilateral trading system, and disrupt the stability of the global economic order.
Wang said that the US move is typical "unilateralism, protectionism and economic bullying". He further said that China is willing to resolve disputes through consultation and negotiation, but it will fight to the end if the United States continues to act wilfully. (ANI)