Shares of Netflix ( NFLX ) are volatile on Monday after a social media post from U.S. President Donald Trump sparked concerns about tariffs on movies made outside the United States.

What To Know: Trump posted a statement on Truth Social shortly before the market opened on Monday announcing that he will be imposing a 100% tariff on movies made outside of the U.S.

He said that the movie-making business has been “stolen” by outside countries and that the state of California, which is home to major movie studios including Paramount Pictures, Universal Pictures and Walt Disney Studios, has been especially hit hard.

Netflix ( NFLX ) shares initially traded lower on the news, but have since bounced and moved higher. By 10 a.m. ET, Netflix ( NFLX ) stock had recovered all of its losses from the initial reaction to Trump’s post. Shares were higher by close to 0.60% at last check, according to Benzinga Pro.

During the company’s last earnings call in July, co-CEO Ted Sarandos said Netflix ( NFLX ) wants “to be in business with the best creatives on the planet, regardless of where they come from. Some of them are here in Hollywood, others are in Korea, some are in India.”

59% of the nearly $39 billion in revenue Netflix ( NFLX ) generated last year came from outside the United States.

NFLX Price Action: Netflix’s stock was up 0.59%, trading at $1,217.74 at the time of publication on Monday, according to Benzinga Pro. Netflix ( NFLX ) has a 52-week high of $1,341.15 and a 52-week low of $677.88.

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