Research suggests that a reduction in tourists traveling to the United States could result in a loss of $23 billion for the American economy.
Due to the trade disputes and stricter security checks keeping potential tourists away, the number of international visitors to the United States is decreasing. With Canadians leading the boycott, service industries such as restaurants and accommodations will be hit the hardest, with impacts possibly extending to the entire U.S. economy. According to Jennifer Sanwaldson, chief economist at Implan, if international tourism decreases by 10% this year, the U.S. GDP will lose $23 billion, equivalent to about 230,000 job losses. The food and accommodation industries will suffer the most, losing over 50,000 and nearly 45,000 jobs respectively. The entertainment industry will follow closely behind, with an expected decrease of 25,000 jobs, followed by the retail industry including gas stations, which will reduce by 19,500 jobs. Labor income losses will exceed $13 billion, including wages, salaries, and owner income.
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