On the financial front, the markets reacted strongly. Wall Street experienced its worst day in five years, with the Nasdaq index falling as much as 5.9 per cent and a cumulative loss of more than $2.5 trillion in market value. Investors and institutions fear that the new tariffs will trigger a chain of international retaliation leading to a protracted trade war.
One of the sectors most vulnerable to these tensions is tourism. In 2024, the United States welcomed more than 72 million international visitors, generating nearly 175 billion euros in revenue. However, key source countries such as Canada, Mexico, China and several European nations, now affected by the new tariffs, could respond with diplomatic or trade measures that impact on the flow of travellers to the US.
The blow to tourism is not limited to the US. The reconfiguration of global trade and higher commodity prices will affect millions of travellers, reducing their ability to spend or move around. Airlines, travel agencies and international operators are already anticipating a decline in bookings and an increase in operating costs as a result of the new geopolitical situation.
Europe, in particular, has raised its voice. Brussels is considering strategic retaliation, while countries such as Germany, France, Italy and Spain fear the impact on key sectors such as the automotive, technology and agri-food industries. Emblematic products such as olive oil and Spanish wine, major exports to the US, could become less competitive under the new tariff scheme. At the same time, a possible slowdown in the US economy also threatens to reduce the arrival of American tourists to Europe, especially to destinations such as Spain, Italy and Greece.
China, for its part, sees these measures as a direct attack on its economy. A 34% tariff will significantly affect its exports, and could weaken the growth of emerging Asian economies, many of which depend on the stability of trade with the US. It is also expected to hit global supply chains, especially in sectors such as technology, automobiles and energy.
The methodology used to determine these tariffs has also been called into question. Economists such as Justin Wolfers have criticised the formula applied, considering it simplistic and decontextualised, pointing out that it is based on a bilateral approach to trade that does not reflect the complexity of the global economy.
Faced with this new scenario, voices such as that of the economist José Manuel Corrales warn of the need for a joint, calm and strategic response from the European Union. A commitment to trade diversification and strengthening relations with other emerging powers could be key to cushioning the blow.
Trump's decision opens a period of global uncertainty. While it seeks to strengthen US industry, its consequences could be much broader, destabilising world trade, international finance and one of the industries most sensitive to the geopolitical context: tourism.
