Good morning from Skift. It’s Wednesday, April 9. Here’s what you need to know about the business of travel today.

Arrivals to the U.S. from 20 major countries dropped roughly 10% in March from last year, according to new data from the U.S. International Trade Administration, writes Global Tourism and Experiences Reporter Jade Wilson.

Wilson notes visits from Western Europe dropped 17%, with arrivals from Germany registering a steeper decline — 28%. Overall visits to the U.S. from overseas decreased in March a little more than 11% compared to the same month last year. 

The figures didn’t include arrivals from Canada, which is scheduled to report tourism data later this week.   

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Next, financial services firm Morningstar has reduced its 2025 revenue growth outlook for four major online travel companies, writes Executive Editor Dennis Schaal.

Morningstar cut its growth projections for Booking Holdings, Airbnb, Expedia Group, and Tripadvisor, citing President Trump’s tariffs and a weakening outlook for the economy. Morningstar Senior Equity Analyst Dan Wasiolek said, even before Trump’s tariff announcement last week, there had been evidence of a “softening in U.S. consumer sentiment.”

Finally, the president of Emirates said the world is likely entering an economic reset amid a turbulent week for international financial markets, writes Airlines Editor Gordon Smith.

Sir Tim Clark said on Tuesday that the airline industry is currently in troubled times, citing the difficulties American, Delta, and United are currently facing in their domestic markets. Clark added that the global economy could reset to a level not seen since the financial crisis of 2008-09. 

However, Clark said some areas of the airline industry are performing well, especially long-haul travel.