The ripple effect of Trump's tariff war with Canada on Nashville's local economy
Nashville, Tennessee — In Music City, there are early signs that President Trump's trade war with Canada is striking the wrong chord.
Around half of Nashville's international visitors come from Canada, according to the nonprofit Nashville Convention & Visitors Corp.
But Canadians are not crossing the border in the numbers they once did, angry about the president's tariffs on Canadian goods not covered by the U.S.-Mexico-Canada trade agreement and his disparaging remarks towards America's northern neighbor.
Bill DeMain, a musician who runs the walking tour company Walkin' Nashville, says Canadians normally make up about a third of his clientele.
"I can feel the effects of it immediately," DeMain said of Trump's tariffs. "…There's a financial group from Toronto that I've worked with for years. They had a tour on my books for May, for 28 people, and they cancelled it."
He says it was "more than a sense" that they canceled because of the trade war, he "was absolutely sure" that was the reason.
Nashville has direct flights from six destinations in Canada, according to Nashville International Airport. However, last month, Edmonton-based Flair Airlines canceled its service, leaving WestJet and Air Canada as the only two carriers offering nonstop service between Canada and Nashville.
Advanced bookings from several major Canadian cities to the U.S. are down about 20%, according to data from aviation analytics firm Cirium.
The U.S. Travel Association says just a 10% dip in Canadian travel to the U.S. for the year could result in over $2 billion in lost spending.
"It's a huge generator of our downtown income," said Nashville City Councilman Jacob Kupin, who represents downtown Nashville.
In 2023, city tourism generated over $10 billion, according to Nashville city data.
Kupin is concerned that a trade war with Canada will ultimately hurt Nashville's economy.
"If it's lowering tourism, it does hurt the local economy, right?" Kupin said. "It does hurt the local businesses and local folks that are trying to make money and make a living. They're gonna see it first, right? The tour guide on the street's gonna know earlier what's going on, and kind of see the drop in traffic."
It's a sour note DeMain says is getting louder as his Canadian cancelations keep climbing.
DeMain says his message to Canadians "would be one of love," and he would tell them, "Come see me if you're uncomfortable with the rest of it, just, I'll be here for you."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
43 minutes ago
- Yahoo
Individual investors invested in International Consolidated Airlines Group S.A. (LON:IAG) copped the brunt of last week's UK£724m market cap decline
The considerable ownership by individual investors in International Consolidated Airlines Group indicates that they collectively have a greater say in management and business strategy 42% of the business is held by the top 25 shareholders 15% of International Consolidated Airlines Group is held by Institutions Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. A look at the shareholders of International Consolidated Airlines Group S.A. (LON:IAG) can tell us which group is most powerful. With 59% stake, individual investors possess the maximum shares in the company. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn). And following last week's 4.5% decline in share price, individual investors suffered the most losses. Let's delve deeper into each type of owner of International Consolidated Airlines Group, beginning with the chart below. Check out our latest analysis for International Consolidated Airlines Group Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices. International Consolidated Airlines Group already has institutions on the share registry. Indeed, they own a respectable stake in the company. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at International Consolidated Airlines Group's earnings history below. Of course, the future is what really matters. We note that hedge funds don't have a meaningful investment in International Consolidated Airlines Group. Qatar Airways Limited is currently the largest shareholder, with 27% of shares outstanding. With 3.6% and 3.2% of the shares outstanding respectively, BlackRock, Inc. and Capital Research and Management Company are the second and third largest shareholders. On studying our ownership data, we found that 25 of the top shareholders collectively own less than 50% of the share register, implying that no single individual has a majority interest. Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too. While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves. I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions. Our most recent data indicates that insiders own less than 1% of International Consolidated Airlines Group S.A.. We do note, however, it is possible insiders have an indirect interest through a private company or other corporate structure. Being so large, we would not expect insiders to own a large proportion of the stock. Collectively, they own UK£4.3m of stock. In this sort of situation, it can be more interesting to see if those insiders have been buying or selling. The general public, mostly comprising of individual investors, collectively holds 59% of International Consolidated Airlines Group shares. With this amount of ownership, retail investors can collectively play a role in decisions that affect shareholder returns, such as dividend policies and the appointment of directors. They can also exercise the power to vote on acquisitions or mergers that may not improve profitability. We can see that Private Companies own 27%, of the shares on issue. It might be worth looking deeper into this. If related parties, such as insiders, have an interest in one of these private companies, that should be disclosed in the annual report. Private companies may also have a strategic interest in the company. It's always worth thinking about the different groups who own shares in a company. But to understand International Consolidated Airlines Group better, we need to consider many other factors. For instance, we've identified 2 warning signs for International Consolidated Airlines Group that you should be aware of. If you would prefer discover what analysts are predicting in terms of future growth, do not miss this free report on analyst forecasts. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
an hour ago
- Business Insider
Grab your cooler, pack the car: The road trip calls this summer as gas prices fall and economic fears linger
Country roads, take me to vacation. The open road is a preferable getaway this summer for Americans who discovered a love for road trips during the pandemic, are feeling economic uncertainty, or want to take advantage of tumbling gas prices. Road trips also offer a degree of certainty — you won't find yourself abroad as tariffs or border policies change, or the latest flight chaos strikes. James Willamor, 45, is setting out on a 4,500-mile road trip to kick off summer. It's become a passion for him; he estimates he spends between 30 and 40 nights a year camping on both short and long trips. Depending on the length of the trip and gas prices, he spends an estimated $500 to $800 on gas, and he tries to optimize by always using a points credit card and other gas rewards programs. He also plans out meals where he can and carries a small portable refrigerator filled with meats, cheeses, fruits, and vegetables. His favorite part of hitting the road is watching the landscape gradually change, going from rivers to rolling hills to mountains. "It's a lot different than in times when I've flown somewhere and you get on the plane and you get off and you're in a totally different biome," he said. "But spending three or four days driving across and seeing the gradual change is probably my favorite part." Cheaper gas and more driving this summer Already, record numbers of Americans hit the road for the first big vacation weekend of the year, per AAA. It projected that over 1 million more Americans would be traveling by car Memorial Day Weekend compared to last year — an increase from 38.2 million auto travelers in 2024 to 39.4 million this year. The urge to stay domestic seems like it'll continue through the Fourth of July: Airbnb said that bookings within 300 miles of vacationers' origin spots are up 32% over the Fourth of July weekend compared to 2024. Enterprise Mobility, whose brands include Enterprise Rent-A-Car, National Car Rental, and Alamo, told BI that the company is seeing a year-over-year increase in expected leisure travel from their non-airport locations in both June and July — what Enterprise deemed a signal of customers leaning into road trips this summer. "People are continuing to prioritize travel, and our research shows an increased interest in road trips this summer," Bridget Long, senior vice president of North American operations at Enterprise Mobility, said in a statement. At the same time, gas prices have come down from 2022-era highs, making it more affordable to hit the road. Lillian Rafson, CEO of travel agency Pack Up + Go, which plans US-based surprise vacations — where destinations are unknown and travelers give an overview of what they're interested in — said that the last few months have seen a surge of interest in road trip packages, compared to last year. Already, 47% of vacations booked through the agency in June were road trips, compared to 27% last year. Rafson said that during times of perceived economic uncertainty, more travelers opt for her firm's minimum budget bookings rather than their more expensive offerings. She said that during last November's election season, minimum-cost bookings surged; that happened yet again in April and May. "Anecdotally, our team mentioned that we've had a few trips cancelled due to layoffs or fear of layoffs, but not a statistically significant number," Rafson said. "Overall, I think people are quietly opting for a lower-budget road trip instead of a major summer trip. But they're still traveling! Just slightly differently." Saying no to flying For some, flying might not be worth it right now, given recent stories of safety and timing concerns. "Right now, I live very close to Newark Airport, and the craziest delays are happening with the air traffic control and stuff — I mean, that alone is making people iffy about traveling," Dan Pieraccini, an avid domestic traveler and road tripper based in New Jersey, said. Some travelers are opting for road trips just because they want to; Scott Reing, 37, is planning a 2,500-mile-long road trip for his family to the Grand Canyon to commemorate his wedding anniversary. His family alternates between bigger vacations abroad and domestic trips to national parks. This year happened to be a national parks year. In theory, he said, some of the appeal of the domestic trip this time around is price, although the cost will still be hefty with the amount of time they're spending on the road. "You kind of have more control over what you're spending when you're doing a road trip versus going to an all-inclusive or going on a cruise or flying abroad," Reing said. "You really have the choice to stay in a motel or a campsite one night or two nights or 10 nights versus something else." Even so, Reing said he isn't broadly rethinking travel or travel spending; next year, he could end up somewhere abroad, like Japan. Indeed, many Americans are still opting for European or international travel this summer, with some powering through uncertainties and deciding it's worth it. But the road is still calling. Cathy Keibler, a 65-year-old retiree in Indiana, is eagerly planning her first major road trip across the country. She wants to see the country, but has no desire to fly anymore. She and her husband have a new Prius, so they're not too concerned about gas expenses and are planning to bring a cooler to mitigate food costs. Keibler also wants to get a closer view of what's happening in her own country; with unrest and uncertainty, a road trip offers an opportunity to see firsthand how that's reflected in different corners of the nation. "Part of the more idealistic reason for making this road trip is to maybe try to get in touch a little bit with really what's happening out there in the country in a way that we can't really do when we're just driving on the interstates and maybe pulling over at a McDonald's," she said.
Yahoo
an hour ago
- Yahoo
Read This Before Considering Mitie Group plc (LON:MTO) For Its Upcoming UK£0.03 Dividend
It looks like Mitie Group plc (LON:MTO) is about to go ex-dividend in the next three days. The ex-dividend date is usually set to be two business days before the record date, which is the cut-off date on which you must be present on the company's books as a shareholder in order to receive the dividend. The ex-dividend date is of consequence because whenever a stock is bought or sold, the trade can take two business days or more to settle. Accordingly, Mitie Group investors that purchase the stock on or after the 19th of June will not receive the dividend, which will be paid on the 4th of August. The company's next dividend payment will be UK£0.03 per share, on the back of last year when the company paid a total of UK£0.043 to shareholders. Based on the last year's worth of payments, Mitie Group stock has a trailing yield of around 3.0% on the current share price of UK£1.44. Dividends are a major contributor to investment returns for long term holders, but only if the dividend continues to be paid. That's why we should always check whether the dividend payments appear sustainable, and if the company is growing. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. If a company pays out more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. Mitie Group is paying out an acceptable 52% of its profit, a common payout level among most companies. Yet cash flow is typically more important than profit for assessing dividend sustainability, so we should always check if the company generated enough cash to afford its dividend. It distributed 29% of its free cash flow as dividends, a comfortable payout level for most companies. It's encouraging to see that the dividend is covered by both profit and cash flow. This generally suggests the dividend is sustainable, as long as earnings don't drop precipitously. View our latest analysis for Mitie Group Click here to see the company's payout ratio, plus analyst estimates of its future dividends. Businesses with shrinking earnings are tricky from a dividend perspective. If business enters a downturn and the dividend is cut, the company could see its value fall precipitously. Readers will understand then, why we're concerned to see Mitie Group's earnings per share have dropped 5.7% a year over the past five years. Such a sharp decline casts doubt on the future sustainability of the dividend. Another key way to measure a company's dividend prospects is by measuring its historical rate of dividend growth. Mitie Group's dividend payments per share have declined at 9.5% per year on average over the past 10 years, which is uninspiring. While it's not great that earnings and dividends per share have fallen in recent years, we're encouraged by the fact that management has trimmed the dividend rather than risk over-committing the company in a risky attempt to maintain yields to shareholders. Is Mitie Group an attractive dividend stock, or better left on the shelf? We're not enthused by the declining earnings per share, although at least the company's payout ratio is within a reasonable range, meaning it may not be at imminent risk of a dividend cut. To summarise, Mitie Group looks okay on this analysis, although it doesn't appear a stand-out opportunity. So if you want to do more digging on Mitie Group, you'll find it worthwhile knowing the risks that this stock faces. For example, we've found 1 warning sign for Mitie Group that we recommend you consider before investing in the business. Generally, we wouldn't recommend just buying the first dividend stock you see. Here's a curated list of interesting stocks that are strong dividend payers. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
