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This Is the Most Expensive Country to Visit in 2025
Iceland was named the most expensive popular tourism destination for 2025, according to a recent study by The Forex Complex shared with Travel + Leisure . The financial trading company evaluated 19 international destinations and found the average vacation cost in Iceland totaled more than $400 per day, the highest of any country included in the study.
In addition, the report noted Iceland's inflation rate is 5.5 percent, adding to the overall costs of hotels, food, and transport.
'Currency fluctuations can significantly reshape travel costs, even in countries with stable local prices. While daily expenses tend to dominate perceptions of affordability, shifts in exchange rates can quietly make or break a vacation budget for American tourists,' a spokesperson for The Forex Complex said in a statement shared with T+L. 'In 2025, travelers who overlook currency trends might be in for a costlier summer than expected.'
The second most-expensive destination was Australia where daily vacation expenses came in at around $280 per day. Inflation in Australia is relatively low—just 2.4 percent—but costs remain high.
Mexico came in third on the list in part due to a strong 6.4 percent increase in its currency (the Mexican peso) against the dollar. This adds to costs for American tourists and may offset the relatively inexpensive prices that would otherwise make Mexico a more budget-friendly destination.
Popular destinations for American tourists in Europe—like the United Kingdom, Germany, and Italy— now cost less thanks to more favorable exchange rates, but high daily prices still keep them in the top 10. (The UK came in at No. 8, Germany came in at No. 9, and Italy came in at No. 10.)
The least expensive destination included in the study was Thailand, which boasts an average per-day spend of just $81.87 and a weakened currency (the Thai baht) compared to the U.S. dollar. Indonesia was the second most-affordable thanks to a daily average cost of just $70.23, but hindered by its inflation rate of 1.95 percent.
To determine the results, the Forex Complex weighed three factors: the average daily tourism-related costs in U.S. dollars, the local inflation rate, and the year-to-year change in the destination's currency strength compared to the dollar. The study took into account several common expenses, including the cost of accommodations, transportation options, and the price of meals.
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Bloomberg News reports: Copper (HG=F) prices edged higher on Friday but were on track for a weekly drop in London as the market took stock of President Trump's decision to exempt refined forms of the metal from hefty US import tariffs. Bloomberg News reports: Bangladesh secures 20% US tariff for garments, exporters relieved Bangladesh has negotiated a 20% tariff on exports to the US. This tariff rate has reduced from the initial 37% proposed by President Trump and has brought some relief to the world's second-largest garment supplier. Reuters reports: Read more here. Bangladesh has negotiated a 20% tariff on exports to the US. This tariff rate has reduced from the initial 37% proposed by President Trump and has brought some relief to the world's second-largest garment supplier. Reuters reports: Read more here. BOJ: US tariffs could hit firms' profits, delay capex plans The Bank of Japan warned on Friday that profits of Japanese firms are likely to fall this year due to President Trump's US tariffs. This will lead many companies in Japan to downgrade capital expenditure plans. The central bank has signalled caution over an expected hit to the export-dependent economy. Reuters reports: Read more here. The Bank of Japan warned on Friday that profits of Japanese firms are likely to fall this year due to President Trump's US tariffs. This will lead many companies in Japan to downgrade capital expenditure plans. The central bank has signalled caution over an expected hit to the export-dependent economy. Reuters reports: Read more here. Trump hikes tariffs on Canada to 35%, outlines sweeping new duties on dozens of trade partners The White House took a step forward with President Trump's plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries. The move represents a giant shakeup in the US's trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland. But there's a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order. India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate. Taiwan is another top US trading partner and is set to see a 20% rate. The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom. Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan. But some nations were not included in Tuesday's release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum. Read more here. The White House took a step forward with President Trump's plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries. The move represents a giant shakeup in the US's trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland. But there's a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order. India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate. Taiwan is another top US trading partner and is set to see a 20% rate. The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom. Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan. But some nations were not included in Tuesday's release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum. Read more here. Trump extends Mexico's current tariff rates President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday. The reprieve came after Trump talked with Mexican President Claudia Sheinbaum. Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars. President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday. The reprieve came after Trump talked with Mexican President Claudia Sheinbaum. Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars. Brazil sees 35.9% of exports to US facing steeper tariff: Sources Reuters reports: Read more here. Reuters reports: Read more here. Trump: Tariffs are making 'America great and rich again' President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. What's in the US-EU trade deal depends on who is doing the talking Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Trump back in court Thursday to defend the tariffs he plans to impose Friday US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judges today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judges today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. EU wine, spirits to face 15% US tariff from August 1: EU official Reuters reports: Read more here. Reuters reports: Read more here. Trump tariff surprise triggers implosion of massive copper trade Bloomberg reports: The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. 'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Read more here. Bloomberg reports: The global copper market is reeling from its biggest shock yet in a year of policy surprises, violent price swings and unprecedented trade dislocation. President Donald Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading. The move triggered a record plunge for US prices, after an unprecedented period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated. 'This has badly deviated from market expectations,' said Li Xuezhi, head of research at Chaos Ternary Futures Co., a unit of a commodities hedge fund in Shanghai. Those betting on higher US prices have 'wasted all their efforts' and global copper flows will return to normal, he said. Read more here. Lutnick: US made trade deals with Thailand and Cambodia Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Sign in to access your portfolio
