The U.S. trade war with China has just claimed another victim—Hollywood. Walt Disney and Warner Bros. Discovery stocks were falling sharply on Thursday after China announced it’s cutting imports of American films. The China Film Administration said that the U.S.’s latest tariff decisions has led to the move.

Shares of Disney DIS -6.79% and Warner Bros. were down 8.7% and 15%, respectively, underperforming the broader stock market on Thursday. The S&P 500 SPX -3.46% was off 5.8%, following a notable rally on Wednesday. That rally came after President Donald Trump made major changes to his tariff policies.

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