Tourism from western Europe plummeted  in March of 2025. Travelers from Asia, Oceania and Africa also declined. Eastern Europe had a small increase and the Middle East saw a significant increase. The large decline in Western Europe could reflect the current level of uncertainty around trade policy and changes in the relationships between the US and its allies. Overall, travel from these overseas regions declined by over 208,000 or 10.2%.

The biggest decliners were Germany, the UK and Spain with declines of 54,580 (28.2%), 47.673 (14.33%), and 20,687 (24.6%) respectively. The average percentage decline among these top 20 decliners was 19.3%.

One month is not a trend but if these declines persist, this could spell trouble for the tourism and gaming industry in several U.S. destinations.

The Smoot Hawley era trade wars and their aftermath look similar to present day. After the enactment of the Smoot Hawley tariff regime, GDP and consumption both declined by a cumulative 35% over a two-year period and the Dow Jones industrial average decline from a peak of over $380 in mid-1929 to a trough of $41 in mid-1932. It took the stock market 29 years to recover, and GDP and personal consumption did not recover fully until the U.S. entry into World War II in 1941.