Good afternoon Insiders, welcome to another weekly dose of news in what has turned out to be a busy ol’ May. Max Goldbart with you this week penning the newsletter. Sign up here.

Tariff Shocker

Trump card: “Tariff” is a word that has entered the daily lexicon over the past few weeks, but the industry was still blindsided when Donald Trump set out a plan (via Truth Social) to impose 100% tariffs on film imports Sunday. It’s been quite the rollercoaster since and the sector is spooked. “It’s insane,” was the simple response leading our international reax piece, which is well worth a peruse. What started as a ranty proposal made on social media that appeared to reflect Trump’s hatred for California governor Gavin Newsom as much as his desire to return production to America, became a more codified plan when Deadline revealed Trump and his Hollywood compadre...