Published on : Monday, June 17, 2019
Tariffs might bring about negative impact on the US tourism industry as opined by top executives in the industry. Additional tariffs can affect both tourism and hotel industry, say experts. The rising trade war between the United States and China could have a huge impact on preparing for your summer travel plans. Both countries are standing unyielding on their tariffs, which will impact numerous industries, starting right from retail to manufacturing.
According to the Travel Good Association, 84% of all travel goods sold in the US are imported from China.
On May 10, the US President Donald Trump increased tariffs on U.S. imports of travel goods from China from 10%-25%. Under this, all goods entered (imported into the U.S.) on or after Saturday June 1, will be taxed 25%. Travel goods include luggage, business briefcases/computer bags, personal leather goods, handbags and travel/sport bags.
This hostility between the U.S. and China is resulting in slowing down of tourism.
According to the National Travel and Tourism Office, travel from China to the U.S. declined to 2.9 million visitors, which is 5.7% lower than recent years.