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Category: CRYPTO NEWS
The post U.S. economy faces billions in losses as foreign tourists stay away appeared on BitcoinEthereumNews.com. The U.S. economy is expected to lose billions of dollars in revenue this year from a drawback in foreign tourism and boycotts of American products. Goldman Sachs Group Inc. estimated the hit in 2025 from reduced travel and boycotts could total 0.3% of gross domestic product, totaling around $90 million. Data from the International Trade Administration showed that the number of non-citizens who had entered the U.S. by plane plummeted almost 10% in March compared to a year earlier. The report also noted that foreign tourism has been a blow for the U.S. recently after the pandemic-era restrictions sparked a resurgence of international travel. U.S. travel declines amid geopolitical frictions US Economy Is Set to Lose Billions as Foreign Tourists Stay Awayhttps://t.co/DXWMIS1rbZ pic.twitter.com/wOpY5OiHwg — Ray Wang (@rwang07) April 15, 2025 Potential U.S. visitors are now rethinking traveling to the U.S. amid increased hostility at the border, rising geopolitical frictions, and global economic uncertainty. Curtis Allen, a Canadian videographer, canceled an upcoming U.S. vacation after President Trump imposed tariffs on his home country and suggested it should become the 51st U.S. state. Allen said, “We’re not just staying home; we’re going to go spend the same money somewhere else.” “Given what we know about how much Canadian travel has fallen off, that’s potentially a bit worrying for that region.” -Omar Sharif, president of Inflation Insights. According to ITA data, foreign travelers spent approximately $254 billion in the U.S. in 2024. The analytics firm also estimated in early March that the country would receive 77 million visitors in 2025. The data came out just before news of detentions at U.S. airports made headlines, where travelers from countries like France and Germany were ensnared. Canadians, who contribute the largest number of foreign travelers in the U.S., are choosing to stay put as Trump…
2025-04-16T02:43:05+00:00