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I'm a UK based professional and I come to the US for a conference each year. I won't be coming again.
I dont want to have my phone searched at the border, I dont want to risk arbitrary arrest and detention without legal representation, and frankly I dont want to spend my money in the US anymore (its a week long conference and costs a couple of thousand pounds including conference fees, flights, hotel and expenses). I'm already trying to buy European because of trumps other behaviour, so not spending mony in going to theUS is an easy win too.
Now multiply that out - even if its a small percentage overall there are lots of people who are no longer going to want to visit the US in the current climate. Expect a downturn in US tourism guvent the horror stories that are coming our of US ICE detention centres.
I do some volunteer work in a non-profit that operates globally. We hold an annual team meetup in changing locations. In the past few years we did Canada and several European cities. For a while now, the plan had been to hold 2025's meetup in the US as we have several team members from there. But as it stands, we'll choose a different location because too many team members have said they're not comfortable travelling to the US under the current administration.
We're talking some 20-30 people not travelling to the US and spending money there. Obviously a small number but as you said, it adds up.
There was a report yesterday that Canadian tourism to the USA is down 85% as a result of Trump. His government is really ramping up American unemployment, just to make the coming recession/depression extra miserable. Oh well, maybe they plan to cheer everyone up with a good old patriotic war against Canada.