What's a U.S. economy to do if foreign tourists feel unloved?

Summary

Podcast Summary: Marketplace Morning Report

Episode: What's a U.S. economy to do if foreign tourists feel unloved?
Date: October 10, 2025
Host: David Brancaccio

---

Overview

This episode explores the economic effects of declining foreign tourism in the United States, focusing on Las Vegas as a case study. Host David Brancaccio examines how tougher border policies, trade tensions, and unfriendly messaging toward foreign visitors are impacting U.S. travel, tourism, and associated industries, especially in light of recent policy changes and global economic disruptions.

---

Key Discussion Points & Insights

The Significance of Tourism to the U.S. Economy

• Travel and tourism generate $2.9 trillion for the U.S. economy, exceeding even the size of the automotive sector. (00:53)
• The episode spotlights Las Vegas, a traditional tourist hotspot, which is now experiencing slumps in visitor numbers and economic uncertainty.

Las Vegas: Pulse Check on Tourism

• Brancaccio reports from Las Vegas, noting that while there is still activity, tourism metrics are down.
• Stat: August visitor count in Las Vegas is down 6.7% from the previous year. (01:44)
• Expected surges for upcoming events (e.g., Formula One) provide occasional boosts but don’t offset the general decline.

Direct Voices from the Strip

• Ashley from Toledo (TikTok user): Challenges the narrative that Vegas is “dead”, stating:

  "Everything says it's going to be dead here. It's a dying city and we're like, it's not that dead." (01:36)

• Sparse foot traffic and cancelled international events are noted, especially those catering to Latin visitors. (02:13)

Impact of U.S. Policies and Global Events

• Stricter border controls, heightened entry fees, and trade war rhetoric are deterring foreign tourists, particularly from Mexico and Canada. (02:13)
• Notably, Canadian visitors—typically 3-3.5% of Vegas tourists—are down 30% compared to previous years. (02:36)
  • Jeremy Aguero (Applied Analysis):

    "Canada's down, probably the most significant of anyone. By some measures down 30% over where they were a year or two ago." (02:36)

• The “three C’s”—Canada, China (where economic woes reduce travel), and California—are key sources of reduced traffic. (02:52)

Increased Fear Among Immigrant Communities

• Deanna Vias (Culinary Workers Union): Describes a climate of fear due to anti-immigrant policies, deportation raids, and rhetoric.

  "People are nervous just to go to the grocery store... even if you are documenting people... because you never know what's going to happen as your profile." (03:31)

Trade Tariffs Impacting Small Businesses

• New U.S. import tariffs are disrupting local businesses, such as independent coffee shops relying on specialty imports.
• Juani Romero (Mothership Coffee Roasters):

  "The majority of coffee is from Brazil. And it's like just because like the president doesn't like the way the Brazilian president is talking to him, we're going to impose a 50% tariff and like literally change everything overnight." (04:22)

  • She emphasizes the challenge of maintaining quality and ethical sourcing amid sudden cost increases and limited alternatives.

  "You can't charge your customer $40 for a bag of coffee. That's insane." (04:45)

Multifaceted Headwinds

• Aguero:

  "If it was just one of them, you and I wouldn't be even talking. But the combination of conflict in Washington DC, conflict around the world, the fact that consumers are feeling uncertain, all of that is converging today into this very difficult circumstance." (05:09)

Other Economic Headlines

• Brief mention of the acquisition of Dominion Voting Systems by Liberty Vote, a Missouri-based firm (05:31).
• U.S. finalizes a $20 billion bailout of Argentina’s currency—covered by Ione Wells of the BBC, with insights into President Milei’s austerity measures and their political effects (07:48).
• The NBA returns to China for the first time since 2019, highlighting the significance of the Chinese market for major U.S. sports leagues (08:23).

---

Notable Quotes & Memorable Moments

• Ashley from Toledo:

  "It's not that dead." (01:36)

• Jeremy Aguero:

  "Canada's down, probably the most significant of anyone..." (02:36)
  "If it was just one of them... you and I wouldn't be even talking." (05:09)

• Deanna Vias:

  "People are nervous just to go to the grocery store... even if you are documenting people..." (03:31)

• Juani Romero:

  "We're going to impose a 50% tariff and like literally change everything overnight." (04:22)
  "You can't charge your customer $40 for a bag of coffee." (04:45)

---

Timestamps for Key Segments

• 00:53 – Introduction of the episode’s main economic question
• 01:18–01:44 – On-location observations in Las Vegas
• 01:36–01:44 – Ashley from Toledo’s perspective
• 02:07–02:13 – International groups skipping trips due to U.S. climate
• 02:36–02:52 – Aguero on Canadian, Chinese, and Californian declines
• 03:14–03:31 – Deanna Vias on the climate for immigrants and workers
• 04:22–04:45 – Juani Romero on tariffs affecting coffee businesses
• 05:09–05:31 – Aguero’s analysis of converging economic pressures
• 05:31–06:35 – Dominion Voting Systems sale
• 07:36–08:23 – Argentina currency bailout report by the BBC
• 08:23 – NBA returns to China

---

Tone & Takeaways

Brancaccio’s coverage remains brisk, concrete, and grounded in firsthand voices directly affected by sectoral and policy shifts. The episode underscores how global and national policy ripples directly impact workers, small businesses, tourism hubs, and perceptions of America abroad. The combination of tougher immigration, trade disputes, and economic uncertainty is chilling not just the tourism industry but broad swathes of the U.S. economy.

Conclusion:
The episode provides a concise, on-the-ground snapshot of how policy and global turbulence affect a traditionally robust sector, prompting reflection on what is lost when America feels less welcoming to the world.

Transcript

[Casual Conversationalist]

Hey, hate to do this. Could we reschedule our morning hike? I was just about to ask the same next week. Yes, it's Dunkin Original blend time. Staying at home with Dunkin'. Don't mind if I do.

[David Brancaccio]

The home with Dunkin's is where you wanna be.

[Clorox Advertiser]

Clorox Toilet Wand. It's all in one. Clorox Toilet Wand. It's all in one.

[Casual Conversationalist]

Hey, what does all in one mean?

[Clorox Advertiser]

The Caddy, the wand, the Preloaded Pad. There's a cleaner in there.

[Casual Conversationalist]

So Clorox Toilet Wand is all I need to clean a toilet.

[Clorox Advertiser]

You don't need a bottle of solution to get into the solar revolution. Clorox Clean feels good.

[Casual Conversationalist]

Use as directed.

[David Brancaccio]

What's a US economy to do if.

Foreign tourists feel unloved?

I'm David Brancaccio. The travel and tourism industry contributes $2.9 trillion to states the United US economy more even than the size of the automotive industry. But can travel and tourism thrive at a time the US Is working to overhaul border and trade policy? I'm just back from what had been a red hot spot for tourism in America, Las Vegas. And found an economy that's being dealt some tough hands.

Dinner time on a weeknight. There are cars at the lights at the corner of all corners, Las Vegas Boulevard and Flamingo Road. But traffic's a breeze next month. The big Formula one event should bring a surge of racing fans. And since it's Vegas, you'll always find some hubbub. Here's Ashley from Toledo.

[Ashley from Toledo]

I'm a big TikTok person, so everything says it's going to be dead here. It's a dying city and we're like, it's not that dead.

[David Brancaccio]

So not deadsville. But using the August figures, the number of visitors is down 6.7% from a year earlier. And under the video canopy covering Fremont street downtown, foot traff is also sparse. Leah and class are part of a Dutch and Belgian tour group out sipping refreshment. They came but some people over group.

[Deanna Vias]

They skipped the trip. Cause the situation here in the U.S.

[David Brancaccio]

You know, the situation hardened. Borders and a global trade war, higher fees to come into the US and other restrictions for people without US passports. For instance, the the early fall has typically been prime time for people from Mexico and points south to come. But this time many Latin themed events got canceled. As for that part of North America, President Trump talks of adding to the United States.

[Jeremy Aguero]

Canada's down, probably the most significant of anyone. By some measures down 30% over where they were a year or two ago. But Canadians make up about three to three and a half percent of all the visitors that come to Las Vegas. So you know, at the end of the day it's an impact.

[David Brancaccio]

Jeremy Aguero of Applied Analysis, a Las Vegas based research and consulting firm, among the downspots, what people here call the three C's. Visitors from Canada, China with its property market mess hitting disposable incomes there and one more C, not a country, but the adjacent state, people from California.

[Deanna Vias]

And with all these rates and deportation and all these anti immigrant message that is going on right now, people, they don't feel good coming here. They're fearful.

[David Brancaccio]

Deanna Vias is president of the Culinary Workers Union, Las Vegas Local 226.

[Deanna Vias]

We're seeing layoffs, we're seeing restaurant closures. People are nervous just to like go to the grocery store. Yeah, the people are nervous just to go to church. Even if you are documenting people in this country because you never know what's going to happen is your profile. When we heard people saying that they're going to deport criminals, we're okay about that. Our members are not okay to deporting people, working people, just because the way they look.

[David Brancaccio]

Another shift engineered in Washington that's percolating into every regional economy, this one included are new import taxes. The tariffs. Juani Romero opened seven high design cafes in Las Vegas called Mothership Coffee roasters.

[Juani Romero]

Oh my goodness. The majority of coffee is from Brazil. And it's like just because like the president doesn't like the way the Brazilian president is talking to him, we're going to impose a 50% tariff and like literally change everything overnight.

[David Brancaccio]

Mothership has deals with women owned suppliers of raw beans in Brazil. Relationships not easily switched to lower tariff countries.

[Juani Romero]

The most important thing is like we care from beginning to end and that's what makes coffee really cool and relevant. But with these things going on, a lot of roasters aren't able to care as much because prices are going up. They can't afford to care and charge their customer. Like you can't charge your customer $40 for a bag of coffee. That's insane.

[David Brancaccio]

Again, data man, Jeremy Aguero.

[Jeremy Aguero]

David, any of these things, if it was just one of them, you and I wouldn't be even talking. But the combination of conflict in washing DC conflict around the world, the fact that consumers are feeling uncertain, all of that is converging today into this very difficult circumstance that we see ourselves in. Do I think it's permanent? Like structurally unsound? No, I do not we also talked.

[David Brancaccio]

To a longtime waiter at one of the big casino hotels about how he reads the economy. The Marketplace morning podcast will have that later this morning. Dominion Voting Systems of Canada has been purchased by a Missouri based firm that sells a popular election software program. The purchase price has not been disclosed. The buyer of Dominion will be called Liberty Vote and is owned by Scott Leyendecker, a tech CEO with multiple connections to Republican officials. President Trump had made baseless claims against Dominion about election rigging in 2020. Fox News had paid Dominion $787 million to settle defamation claims. Newsmax paid 67 million. The new company focuses on paper based ballots, which remain a common vote tallying system in America because auditing is more straightforward.

[Dell PC Advertiser]

Introducing your new Dell PC Powered by the Intel Core Ultra processor, it helps you handle a lot even when your holiday to do list gets to be a lot because it's built with an all day battery plus powerful AI features that help you do it all with ease, from editing images to drafting emails to summarizing large documents to multitasking so you can organize your holiday shopping and make custom holiday decor and search for great holiday deals and respond to holiday requests and customer questions and customers requesting custom things. And plan the perfect holiday dinner for vegans, vegetarians, pescatarians and Uncle Mike's carnivore diet. Luckily you can get a PC that helps you do it all faster so that you can get it all done. That's the power of a Dell PC with Intel inside, backed by Dell's price match guarantee. Get yours [e-mail] deals, terms and conditions apply. See Dell.com for details.

[David Brancaccio]

The US has finalized its bailout of Argentina's currency, the peso, a $20 billion swap to help prop up finances of a country run by a Conservative president. The BBC's Ione Wells has that Javier.

[Ione Wells]

Milei has brought down Argentina's previously sky high inflation and deficit through a program of radical public spending cuts and deregulation that had pleased the markets. But now things have started to slip. Mr. Milei's party got a trouncing in recent provincial elections ahead of further midterm elections later this month, suggesting some are tiring of his austerity measures. And he's been keeping inflation at bay by propping up the peso and draining reserves. At a time when Argentina owes eye watering debts. The markets have been spooked, fearing that a financial crisis could be imminent and that Mr. Milei is losing political support.

[David Brancaccio]

Ione Wells, BBC and business of Sports the NBA is just now returning to China for the first time since 2019. Its two preseason games today and Sunday between the Brooklyn Nets and the Phoenix Suns at an arena in Macau's Venetian casino and hotel. NBA China is estimated to be a $5 billion business at this point. The NBA stopped playing in China after the Houston Rockets GM at the time posted a tweet in support of pro democracy protesters in Hong Kong. I'm David Brancaccio, Marketplace Morning Report from APM American Public Media.

Hey, it's Marketplace Morning Report host David Brancaccio. I have an update on our fall fundraiser. Over 2,000 donors stepped up to power the future of Marketplace and thank you.

To everyone who donated.

Your support powers our mission to make everyone smarter about the economy and we can't thank you enough. Thank you. This work doesn't stop and it's never too late to become a Marketplace investor. Head over to Marketplace. Org donate and thank you.