President Donald Trump on Monday urged Congress to immediately approve a federal production incentive for movies and television, declaring that Hollywood is a "Complete and Total Disaster!"

The proposal follows a meeting with Hollywood ambassador Jon Voight. Trump stated on Truth Social that US production had been "dissipated in its entirety" as work moved to Canada and other countries.

Bipartisan Push for Tax Credit

Reuters reported that Voight and an industry coalition are pushing for a 20% federal tax credit for labor costs on US productions. Trump said the amount spent on incentives would be made up tenfold by money pouring into the Treasury’s coffers.

He added that meetings were being arranged with both parties and the effort "should be Bipartisan." Trump called on Republicans and Democrats to "immediately craft Legislation to save the Movie, Television, and Entertainment Business in America."

California Production Slump

The shift toward incentives follows previous threats of a 100% tariff on foreign-produced films. Reuters reported in June that California lost more than 17,000 film and television jobs since 2022. Los Angeles recorded its second-lowest production level on record in 2024.

California increased its annual Film and Television Tax Credit Program from $330 million to $750 million beginning in fiscal 2025.

Industry Response

Motion Picture Association CEO Charles Rivkin welcomed the proposal, calling a federal incentive "a landmark step" toward bringing production nationwide. Trump appointed Voight, Sylvester Stallone, and Mel Gibson as Hollywood ambassadors in January 2025.

President Donald Trump secured new drug pricing agreements with nine pharmaceutical companies, expanding the administration's total deals to 26 firms. These entities now represent 90% of the US pharmaceutical market, according to the President.

New agreements and commitments

The nine new signatories include Alcon Inc., Astellas Pharma, BeOne Medicines Ltd., BridgeBio, CSL, Kyowa Kirin, Sun Pharma, Teva Pharmaceuticals Industries Ltd., and UCB. The deals require these companies to offer discounts on outpatient drugs across all state Medicaid programs, aiming to align US prices with international markets.

Beyond pricing, the companies committed to collectively investing at least $19.6 billion in US manufacturing in the near term. Astellas, Sun Pharma, Teva, and UCB also agreed to donate active pharmaceutical ingredients for key medicines to the federal government’s strategic reserve.

Market concentration and policy context

These agreements build on 17 previous deals struck over the past year with firms including Pfizer Inc., Eli Lilly And Co, and Novo Nordisk A/S. The policy aims to reduce exposure to tariffs by shifting manufacturing to the US while lowering costs through direct-to-consumer platforms like TrumpRx.

White House economists estimated in May that these pricing deals could lead to savings of $529 billion for the economy over the next decade. Additionally, federal and state governments could save $64.3 billion on Medicaid due to the "most favored nation" policy on drug prices.

What the Numbers Show

The consolidation of 90% of the market into just 26 agreements highlights the high degree of concentration in the US pharmaceutical sector. While the $19.6 billion manufacturing commitment signals a shift in supply chain geography, the requirement for Medicaid discounts directly pressures revenue streams, as noted by Novo Nordisk’s expectation that higher prescription volumes will take time to offset price declines.