US Tourism Industry Joins Aviation Sector in Urgently Requesting $150 Billion Government Aid

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The U.S. tourism industry has requested the government to provide emergency funding worth $150 billion. This move is interpreted as a measure to secure cash liquidity following the aviation industry, which was one of the sectors hit hardest by the spread of the novel coronavirus infection (COVID-19).

On the 17th (local time), according to CNBC and other outlets, the presidents of the U.S. Travel Association and the Hotel and Lodging Association visited the White House to meet with President Donald Trump and government officials to explain the economic impact caused by the COVID-19 crisis and discuss related countermeasures. Member companies of these associations include Hilton Hotels, MGM International, Expedia, Carnival, and Walt Disney.

They requested government financial support, particularly the establishment of stabilization funds for tourism industry workers, provision of emergency cash liquidity, and support for small and medium-sized enterprises. The White House stated that President Trump fully understands the difficulties the tourism industry is facing due to this crisis and that the government will stand by them.

The associations emphasized that the economic impact of the COVID-19 crisis on the industry is more severe than previous economic hardships, including the September 11, 2001 terrorist attacks and the 2008 global financial crisis. They forecast that consumption within the entire tourism industry will decrease by approximately $355 billion due to this crisis.

Earlier, the U.S. aviation industry requested $50 billion in federal government funding. The Airlines for America, representing carriers such as Delta and American Airlines, stated that they want to receive $25 billion in loans and $25 billion in grants to support the industry amid COVID-19. The Airlines for America explained that seven of its member companies expect to run out of cash if the current crisis continues until the end of the year.

This content was produced with the assistance of AI translation services.