You’d never know a trade war was raging around the world at the one Hollywood conglomerate  that — between its theme parks, big-budget movies, merchandise and cruise ships — has the most business at risk in China: The Walt Disney Company. 

China announced on Thursday that it would curtail the number of Hollywood movies that it allows to be released to its vast consumer market in response to Trump’s punitive 145% tariffs, and imposed its own 125% tariffs on Friday. But a visitor on the Burbank lot on Thursday would not have noticed any tension or change in attitude, despite the screaming headlines on business cable and the president’s comment “I’ve heard worse,” which basically amounted to: Who cares? 

One executive with knowledge of the company’s mood said that it was still too early to conclude that the tariff dispute would result in a significant hit to Disney.