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He adds: "How US trading partners react against the reciprocal tariff policy will also have a major impact."

It will also have to work harder to find new trading partners or expand existing markets.

Speaking to an audience Tuesday, Rivkin said the studio trade group, along with its guild and union partners, would be “pushing for greater action at the federal level this year.”

Newsom said he had directed his administration to “look at new opportunities to expand trade and “to remind our trading partners around the globe that California remains a stable partner.”

“As I have always warned, tariffs are bad policy, and trade wars with our partners hurt working people most,” McConnell said on social media.