President Donald Trump on Monday called for bipartisan tax incentives to help a domestic TV and movie industry that has seen large chunks of its business move overseas in recent years.

Trump wrote on Truth Social that meetings were “being set up with the Leaders of both Parties in order to get this done.”

“It should be Bipartisan, especially since so much money is being lost in California, and other largely Blue States,” he wrote. “I am going to suggest that Republicans and Democrats get together, and immediately craft Legislation to save the Movie, Television, and Entertainment Business in America.”

Trump indicated that his call to help Hollywood — an industry that Republicans often rail against and one that resides in solidly blue California — was influenced in part by actor Jon Voight, who was a 2024 campaign surrogate for him.

Voight, whom Trump has called his “Hollywood ambassador,” has helped shape Trump’s policy toward the entertainment industry during his second term. In May 2025, Trump met with Voight before he proposed tariffs on films produced overseas.

Voight did not immediately respond to a request for comment Monday night.

Trump’s Truth Social post drew immediate support from Democrats who are usually critical of him and his administration’s policies.

Sen. Adam Schiff, D-Calif., a frequent Trump target, said he was in “strong agreement” with Trump on this one.

“Congress should immediately take up and pass a federal film tax incentive to bring back these good-paying jobs that we’ve lost to other countries,” Schiff wrote on X. “Let’s work together — Republicans and Democrats — to get this done, and bring the movie magic back to America.”

Rep. Laura Friedman, D-Calif., praised the proposed measure and called for swift passage.

“For more than a year I’ve been sitting down with Jon Voight, Congressional colleagues, the unions, studios, and producers to build the case for a national film and television tax credit,” Friedman said in a statement. “There’s no reason Canada, the UK, or Australia should be taking our jobs. We still have the best crews on the planet. It’s time we made it possible for them to stay where they belong: in America.”

Friedman said last September that the proposed tariffs on foreign films were recognition from Trump that the U.S. was losing its domestic film and TV industry but that the path forward was a tax credit, not tariffs.

Trump’s announcement Monday was also embraced by the industry itself.

Charles Rivkin, the CEO of the Motion Picture Association, the trade group representing major film studios in the U.S., said in a statement that the group applauded Trump’s support for tax incentives.

“For over a century, American studios, casts, and crews have produced the films and series that the world wants to see. A federal incentive would be a landmark step toward bringing more production to local communities in all 50 states, strengthening our nation’s economy, and making our country a more competitive place to produce, create, and tell great stories,” Rivkin said in his statement.

While Trump did not lay out any financial details in his post, he predicted that the money spent on the tax incentives “will be made up tenfold by the money pouring into the Treasury’s coffers.”

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HONG KONG — Shares in online fast-fashion retailer Shein fell 8% in their first day of Hong Kong trade on Tuesday, with investors worried about the impact of setbacks that long delayed its listing and have undermined its competitive advantages.

Known globally for selling $5 tops and $10 dresses, Shein has been humbled by tariff and duty changes in the U.S. and Europe. Intense scrutiny of its business practices in the West also hampered its attempts to list in New York and London, which were ultimately blocked by Chinese authorities.

The stock was trading at around 44.6 Hong Kong dollars ($5.68) in morning trade, valuing the company at around $24 billion ($3 billion), far below its 2022 peak of nearly $100 billion ($12.8 billion). Hong Kong’s Hang Seng Index was down 0.6%.

“As a new company listed in Hong Kong, we will continue to innovate, optimize and cooperate with our supply chain partners for mutual benefit and win-win results,” Shein Chief Financial Officer Leigh Gui said at the opening gong ceremony.

Founder and CEO Sky Xu, known for disliking the limelight, did not speak at the event though later took pictures with Shein employees onstage. He declined to respond to Reuters’ questions.

“I think the weak debut shows that even after the huge valuation reset, investors still don’t see Shein as obviously cheap,” said Charu Chanana, chief investment strategist at Saxo.

Chanana said Shein was valued at 15 times forward earnings, more than double the multiple for PDD, the owner of rival Temu, which meant “investors were being asked to pay a premium despite weaker growth visibility and significant regulatory and trade risks.”

Demand for Shein’s stock during the IPO was tepid compared with high-profile offerings from the AI and robotics sectors.

The retail tranche was subscribed 5.63 times, while the international portion was subscribed 2.59 ​times. Some deals have been hundreds of times oversubscribed, especially from Hong Kong’s army of retail investors who track IPOs very closely.

The amount sold in the IPO represents about 6.6% of Shein’s enlarged share capital. Cornerstone investors took about one-fifth of the IPO and are locked up for six months, leaving roughly 5% freely tradable.

Last year, the U.S. ended the de minimis duty exemption for e-commerce shipments under $800 that had powered Shein’s direct-shipping model. The European Union recently followed suit, imposing fees on low-value packages.

Shein’s net income slid 39% last year, and it swung to a loss in the first quarter.

Shein has said it expects first-half operating profit margin to be slightly lower than in the first quarter, hurt by higher customs duties, tariffs, fees and logistics costs in Europe and the Middle East.

“New markets could help offset slower growth in the U.S. and Europe, but lower spending power in developing markets may limit the benefit if delivery costs stay high,” said Lorraine Tan, director of equity research at Morningstar.

Shein has been trying to widen beyond its own-label ultra-cheap fast fashion, having expanded its third-party marketplace and bought U.S. apparel brand Everlane in May.

In its prospectus, it said it aims to offer marketplace and supply chain services to more brands, in the footsteps of French brand Pimkie and British brand Missguided, which it bought in 2023.

The IPO has helped Shein compensate early investors who invested at much higher valuations. The company has agreed to make cash payments totaling about $3.5 billion and share adjustments to some preferred shareholders.

“This IPO is not just a fundraising event — it is also, and probably more of, a capital-structure event,” said Jianggan Li, CEO of consultancy Momentum Works.

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