In this fxpodcast episode, we speak with Joseph Bell, founder of HDRI Intelligence, during FMX 2025 in Stuttgart. Bell, a veteran of companies like ILM and The Mill, brings his experience in production and business intelligence to unpack one of the most controversial topics currently shaking the film and VFX industry: the proposed 100% tariff on films made outside the United States. U.S. President Donald Trump’s Truth Social post proposing the tariff caught the industry off guard, and while many question the policy’s feasibility, the resulting uncertainty is already having a chilling effect on global production planning. As you can hear in this episode of the fxpodcast, Bell stresses that although implementation may be unclear, major studios will likely slow or pause projects while assessing potential financial and legal risks. The impact of that delay will ripple through international production hubs, including Australia, Canada, and the United Kingdom. We tried to move our discussion beyond speculation to hard data. Bell explains that just a handful of U.S.-based companies control the majority of global content spend, including Disney, Netflix, Warner Bros Discovery, Amazon, Apple, and Paramount (and possibly Sony). This concentration means that even small policy shifts can have massive consequences for global employment and investment in visual effects and animation. Bell also touches on the complexity of applying tariffs to digital services rather than physical goods. Unlike cars or steel, a digital film is not easily defined by geography. Our conversation explores the legal and logistical challenges of taxing streamed content, outsourced VFX, and international co-productions in an era where bits cross borders instantly and post-production teams are often distributed across multiple continents. Trump’s plan, it seems, according to Deadline, was a reaction to Jon Voight’s ‘Plan To Save Hollywood’, which he presented to the President (after talks with unions, government officials and executives). (“Sylvester Stallone, Jon Voight and Mel Gibson are special ambassadors for the President”). This plan outlines a blueprint that includes:· A 10–20% federal tax credit stacked on top of existing state incentives. A cultural content test to determine American authenticity. A requirement that 75% of production and post occurs within the U.S., using U.S. labour. A return to the shuttered Financial Interest and Syndication Rule – Studios cant ‘own their shows – many streamers now require 100% ownership). Tax treaties starting with countries such as the UK – allowing studios to claim incentives in both countries, but without double dipping. Expanded application to all content: theatrical, TV, streaming, and even digital platforms like YouTube, Facebook, and X. A 120% tariff on foreign tax incentives. (If an oversea’s tax incentive pays a US production, eg. $10M offset means, a tariff of $12M). Bell believes that such incentives may mirror systems used in Canada and the UK, but he warns that poorly designed conditions can result in unintended consequences and inefficiencies. Whether the tariff is ultimately enacted or not, it is clear that its effects are already being felt, and that the VFX industry must face new challenges and be informed, adaptable, and collaborative in the face of these new, growing geopolitical issues. Screenshot Many small VFX studios are struggling, but it is worth noting Bell believes that while the largest companies in the VFX space, (those employing over one thousand people), are actually maintaining or even growing their headcount currently, with the exception of MPC and its release companies. This, Bell argues, contradicts narratives that AI and automation are currently rapidly replacing artists. Instead, the data shows that successful studios are those capable of delivering large-scale, consistent, high-volume output. Bell also highlights that these companies are globally distributed, reinforcing the idea that modern filmmaking is inherently international. Joseph Bell will be presenting his FMX 2025 talk Friday at 11.15am. Listeners can access Joseph Bell’s full FMX 2025 talk through the FMX digital pass. The talk provides a broader overview of the visual effects atlas project, international production trends, and employment patterns in a post-strike, post-COVID landscape.