I think some of you here are severely underestimating the resolve of a good percentage of Canadians when it comes to not vacationing in the US now. Canadians who have owned vacation homes in Florida, for example, are selling them. For the most part, there will be no "they'll be back soon when they cool off" or "they'll be back if attractive offers are made". The effect is already being felt in tourist areas in the northern half of the US, with cancellations from Canadians, and it's gonna get worse as the year progresses. People are scared of possibly losing their small businesses, scared that they are going to lose their jobs. It's been estimated that it will be a $6 billion loss in tourism revenue for the US in 2025 based on a 30% drop in Canadian tourist spending. The impact of this should not be underestimated.