Overview

• International arrivals to the US fell about 9% year-on-year in early 2025, with the National Travel and Tourism Office reporting an 11.6% drop in March.
• Tariffs imposed on Canada, Mexico and Japan since February have driven double-digit declines in hotel bookings from those countries, contributing to a ‘Trump slump’ in tourism demand.
• The World Travel & Tourism Council projects a $12.5 billion shortfall in international visitor spending for 2025, while Oxford Economics estimates an $8.5 billion loss.
• Provisional Department of Commerce data show Spanish tourist visits up 1.2% through April, in contrast to continued declines from Canada, Germany and France.
• Domestic travel surges in both the US and UK as travelers curb spending and opt for lower-cost accommodations because of broader economic uncertainty.