President Donald Trump's "reciprocal' tariffs against U.S. trading partners went into effect at midnight Wednesday, raising costs to import goods from China, Europe Southeast Asia and more.

Bessent told CNBC that since the "reciprocal tariffs" were announced, the White House had heard from 70 countries who wanted to come negotiate. "It's all President Trump's decision, and he had a view after 'Liberation Day' that we should go into quiet mode and let our partners think about the shock and awe that he presented," he said.

With more and more film productions already moving overseas, any increases to costs will not help woo projects stateside.