US President Donald Trump said Sunday that he plans to impose a 100% tariff on movies made outside of the United States, arguing that the domestic film industry was threatened by incentives offered to film and produce abroad.

"The Movie Industry in America is DYING a very fast death," Trump said on his Truth Social platform. "This is a concerted effort by other Nations and, therefore, a National Security threat."

He added, "I am authorizing the Department of Commerce, and the United States Trade Representative, to immediately begin the process of instituting a 100% Tariff on any and all movies coming into our Country that are produced in Foreign Lands."

Almost all major film and television companies, including Netflix (NFLX), Disney (DIS), and Universal Pictures (CMCSA), shoot and edit some of their visual media products abroad, especially in the UK and Canada, which sometimes serve as stand-ins for US locales.

It remained unclear whether the proposed tariffs would apply to movies or television shown on streaming services such as Netflix or Amazon (AMZN) Prime, and how the tariffs would be calculated.

It was also unclear whether the tariff would apply to foreign-language movies made abroad by non-US companies and shown in US theaters and on streaming services.

The Motion Picture Association of America did not immediately reply to MT Newswires' request for comment.

Shares of Netflix were down more than 3.5% in Monday's premarket activity, while Warner Brothers Discovery (WBD) fell 2.5% and Disney declined 1.5%.