By unilaterally imposing tariffs, Trump has exerted extraordinary influence over the flow of commerce, creating political risks and pulling the market in different directions. There are tariffs on autos, steel and aluminum, with more imports, including pharmaceutical drugs, set to be subject to new tariffs in the weeks ahead.

The announcement, which confounded film executives and foreign leaders, would escalate Trump’s trade war by including services. What happens next remains unclear.

President Donald Trump is eyeing Hollywood for his next round of tariffs, threatening to levy all films produced outside the U.S. at a steep rate of 100%. Over the weekend, Trump accused other countries of “stealing the movie-making capabilities” of the U.