How do you tariff a movie? Plus, an indie film stalwart discusses its fresh rebrand and how to compete in a challenging market.

President Donald Trump's bombshell announcement that he would implement 100% tariffs on films shot outside the U.S. was met with "pure confusion" and deep skepticism, industry insiders told TheWrap after 24 hours of frantic questioning behind the scenes and total silence from major studios in public.

No one understands what putting tariffs on films made outside the US means, but one thing's for sure: Shares of top streamers and studios are down.