Lates News

Due to the trade dispute and stricter security measures potentially deterring international tourists from visiting the United States, the number of international visitors is decreasing. The impact could potentially affect the entire U.S. economy, with the service industry, led by Canadians boycotting restaurants and accommodation, likely facing the most severe blow. According to Jennifer Thorvaldson, Chief Economist at Implan, if international tourism declines by 10% this year (based on the decrease in foreign airline visitors to the U.S. in March), the U.S. GDP would lose $23 billion, equivalent to approximately 230,000 jobs. The restaurant and accommodation sectors would bear the brunt of the impact, losing over 50,000 and nearly 45,000 jobs respectively. The entertainment industry is expected to lose 25,000 jobs, followed by the retail industry, including gas stations, which would lose 19,500 jobs. Labor income losses would exceed $13 billion, including wages, salaries, and owner income.