The flow of visitors from the People's Republic coming to the U.S. has already diminished since the conflict erupted in early 2018, and continuing tensions are projected to result in 2 million fewer Chinese tourists through next year, according to a new estimate from Tourism Economics, an Oxford Economics company. Over two years, that adds up to $11 billion in lost spending.

The research firm estimates that a significant decrease in Chinese tourists last year resulted in a loss of roughly $2 billion in spending in the U.S. In 2019, nearly 650,000 fewer visits are expected—another $3.8 billion in foregone spending.