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“Given that the Asia Pacific region accounted for nearly 40% of global box office revenue in 2024, this poses serious concerns for studios reliant on global success,” Hancock wrote in a research note this week.

China and the US between them were projected to account for around 43% of the global economy by the International Monetary Fund in 2025.

But even accounting for the President's roll back, the US has still erected a massive protectionist tariff wall, not seen since the 1930s.

The US is a major market for iPhones and Apple accounted for more than half of its smartphones sales last year, according to Counterpoint Research.

Unauthorized immigrants accounted for an estimated 7% of the state’s workforce in 2022, according to the Pew Research Center, with some sectors deeply reliant on this workforce.