欧洲旅游委员会（ETC）：2025年第一季度欧洲旅游业趋势与前景报告（英文版）

Since February 2025, the US has introduced several waves of tariffs against trading partners. Trade tensions have increased global economic uncertainty which will lead to a significant slowdown in global growth and undermine travel demand growth. According to the IMF, risks of a US recession have now raised as tariffs disrupt supply chains, boost inflation and put pressure on consumers. The IMF’s World Economic Outlook, April 2025, reports that US economic growth is expected to decline to 1.8