To be specific, the difference between monthly US traveler spending abroad and foreign traveller spending in the US fell from around $9 billion in 2015 to $5 billion this year.

There are a variety of reasons for this decline. A strong US dollar has made it more expensive for people to visit the US, and the US government has made it more difficult for foreigners to visit by rejecting a larger share of travel visas. The Trump administration’s antagonistic stance toward China has also likely had a large effect. The number of Chinese visitors to the US has fallen by about 5% since the outbreak of a trade war between the two countries in 2017.

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