“The Global Business Travel Association (GBTA) warned that suspending visa-free travel would have a ‘large negative impact,’ including an additional 10 million annual visa applications to process. Additionally, the GBTA warned that if the United States retaliates with its own suspension of visa-free travel, it could mean approximately €2.5 billion in costs to EU citizens as roughly 8 million travelers would need to pay the $160 visa fee and other application costs. The GBTA also cited an Oxford Economics study that projected a 23 percent decline in travel revenue for the U.S. and Canada as a result of a suspension, as well as a projected 140,000 jobs lost in Europe and 73,000 jobs lost in the United States.”
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