UK government in ‘active discussions’ with Washington over US film tariffs as Starmer urged to ‘stand up’ to Trump
The UK government is in “active discussions” with top officials in the White House about Donald Trump’s film tariffs, a minister has said.
Chris Bryant said the US president’s plan to put 100% tariffs on films made outside America is a “fluid situation” that requires a “calm and steady approach”.
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“We are already in active discussions with the top of the US administration on this subject,” he told MPs after an urgent question was raised on the matter in the House of Commons.
“We are working hard to establish what might be proposed, if anything, and to make sure our world beating creative industries are protected.”
He added that he is due to meet UK industry leaders on Thursday.
In a post on his social media platform Truth Social, Mr Trump said he had authorised government departments to put a 100% tariff “on any and all movies coming into our country that are produced in foreign lands”.
Entertainment industry union BECTU has warned this could seriously damage the industry in the UK.
Shadow culture minister Stuart Andrew asked what impact assessment the government has made and whether there are any contingency plans if an exemption can’t be secured.
Chris Bryant is a minister in the culture department
Mr Bryant said he is “not sure precisely what is intended” with the film tariffs as he doesn’t know “what a tariff on a service would look like”.
“Most films these days are an international collaboration of some kind and we want to maintain that,” he said.
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Film industry tariffs don’t’ make ‘great deal of sense’
He appeared to rule out retaliatory tariffs if Mr Trump follows through with his plan, saying the Labour government of 1947 introduced tariffs on US films because they thought too many were being shown in the cinema and “it didn’t go very well as a strategy”.
“The Americans simply banned exports of US films and we ended up watching Ben-Hur repeatedly in every cinema.
“The successful bit of what we did in 1947 and 1948 was that we invested in the British film production system. And that led to films like Hamlet and Kind Hearts and Coronets. I think that that’s the pattern that we still want to adopt.”
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‘Trump is coming for our British film industry’
PM urged to stand up to Trump
However, the Liberal Democrats have urged the government to stand up to Mr Trump, whose film tariffs form part of a wider crackdown on US imports announced earlier this year.
At Prime Minister’s Questions on Wednesday, party leader Ed Davey urged Sir Keir Starmer to work with allies in Europe and in the Commonwealth to “make clear to President Trump that if he picks a fight with James Bond, Bridget Jones and Paddington Bear, he will lose”.
However, the PM said it is “not sensible or pragmatic” to choose between Europe and the US, with Downing Street still seeking to negotiate an “economic deal” with Washington that it hopes could offset some of Mr Trump’s measures.
Mr Trump said the film tariffs were necessary because other countries were “offering all sorts of incentives to draw” filmmakers and film studios away from the United States, calling the issue a “national security threat”.
But insiders have questioned whether it will be effective as the exodus of the film industry from Hollywood is mostly due to economic reasons, with other countries having lower labour costs and more expansive tax incentives.
Much of the 2023 box office smash Barbie was filmed at the Warner Bros Leavesden studios, in Hertfordshire, as was Wonka and 2022 hit The Batman, while the vast majority of James Bond films were shot at Pinewood Studios, in Buckinghamshire.
It was also unclear whether the duties will apply to films on streaming platforms as well as those that are released in cinemas.
Taiwanese lawmaker Ko Ju-Chun has called on the government to consider adding Bitcoin to its national reserves, suggesting it could serve as a hedge against global economic uncertainty.
Ko, a legislator at-large in Taiwan’s legislative body, the Legislative Yuan, took to X on Friday to report that he had advocated Bitcoin (BTC) investment by the Taiwanese government at the National Conference on May 9.
In his remarks, Ko cited Bitcoin’s potential to become a hedge amid global economic risks and urged Taiwan to recognize the cryptocurrency alongside gold and foreign exchange reserves to boost its financial resilience.
Ko’s announcement came shortly after the legislator held talks with Samson Mow, who advocates for Bitcoin adoption by states like El Salvador at his BTC tech firm Jan3.
Taiwan is an export-oriented economy
Ko highlighted that Taiwan is an export-driven economy that has experienced significant fluctuations in its national currency, the New Taiwan dollar, amid global inflation and intensifying geopolitical risks.
“We currently have a gold reserve of 423 metric tons, and our foreign exchange reserves amount to $577 billion, including investments in US Treasury bonds,” the lawmaker stated.
In a scenario of more intense currency volatility or potential regional conflicts, Taiwan may “very likely be unable to ensure the security and liquidity,” Ko continued, adding that Bitcoin could be a great addition to Taiwan’s reserves for several reasons.
“Bitcoin has been operating for over 15 years. It has a fixed total supply, is decentralized, and is resistant to censorship. Many countries are focusing on its hedging attributes. At the same time, in intense situations, it may not face the risk of embargo,” he said.
Bitcoin is not the only solution
Referring to many global initiatives considering Bitcoin adoption as a reserve asset, Ko stressed that he’s not advocating for Bitcoin as the “only solution” to rising economic challenges.
Instead, the legislator suggested adding a “small proportion of Bitcoin” into the diversified assets as tools for sovereign asset allocation and risk hedging, and backup capacity of Taiwan’s financial system.
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He previously suggested that Taiwan could allocate a maximum of 5% of its $50 billion reserve to Bitcoin in an X post on May 6.
“When exchange rate risk and regional uncertainty increase, it is time to introduce new tools to construct a more flexible financial strategy framework,” Ko said, adding:
“As former Dean Chen Chong said, Bitcoin is the gun of the digital era. It may also be the gold of the digital era, the silver of the digital era. Or it could be gunpowder. A wise nation will not let weapons be in others’ hands.”
The news comes as Taiwan is emerging as a crypto-friendly jurisdiction, with the Financial Supervisory Commission pushing institutional trials of crypto custody services in late 2024.
Mainland China continues to maintain its hostile stance on cryptocurrency after imposing a ban on multiple crypto activities, including mining, in 2021.
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German law enforcement seized 34 million euros ($38 million) in cryptocurrency from eXch, a cryptocurrency platform allegedly used to launder funds stolen after Bybit’s record-breaking $1.4 billion hack.
The seizure, announced on May 9 by Germany’s Federal Criminal Police Office (BKA) and Frankfurt’s main prosecutor’s office, involved multiple crypto assets, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Dash (DASH). The move marks the third-largest crypto confiscation in the BKA’s history.
The authorities also seized eXch’s German server infrastructure with over eight terabytes of data and shut down the platform, the announcement added.
eXch exchanged crypto without AML
In the statement, the BKA described eXch as a “swapping” service that allowed users to exchange various crypto assets without implementing Anti-Money Laundering (AML) measures.
The platform had operated since 2014 and reportedly facilitated about $1.9 billion in crypto transfers, some of which were believed to be of “criminal origin,” including assets laundered during the Bybit hack.
“Among other things, a portion of the $1.5 billion stolen from the Bybit crypto exchange, which was hacked on Feb. 21, 2025, is said to have been exchanged via eXch,” the authorities wrote.
Multisig, FixedFloat among laundering cases
According to a post by crypto sleuth ZachXBT, eXch was also involved in laundering millions of funds from other crypto thefts and exploits, including Multisig, FixedFloat and the $243 million Genesis creditor theft.
Those were in addition to “countless phishing drainer services over the past few years with refusal to block addresses and freeze orders,” ZachXBT said.
ZachXBT was among the first security analysts to report on eXch’s links to laundering $35 million of crypto assets stolen from Bybit soon after the hack was confirmed.
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“Lazarus Group transferred 5K ETH from the Bybit Hack to a new address and began laundering funds via eXch (a centralized mixer) and bridging funds to Bitcoin via Chainflip,” ZachXBT wrote in a Telegram post on Feb. 22.
eXch announced termination of services by May 1
After initially denying involvement in laundering funds from the Bybit hack, eXch eventually announced it would cease operations by May 1 in a Bitcoin Talk post published in mid-April.
“Even though we have been able to operate despite some failed attempts to shut down our infrastructure […], we don’t see any point in operating in a hostile environment where we are the target of SIGINT [Signals Intelligence] simply because some people misinterpret our goals,” it wrote.
Addressing the seizure, senior public prosecutor Benjamin Krause stressed the importance of action against “quick and anonymous opportunities for money laundering for any amount.”
“Crypto swapping is an essential component of the underground economy, used to conceal incriminated funds from illegal activities such as hacking or trading in stolen payment card data, thus making them available to perpetrators,” he said.
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