Given the Canada-US bookings through the whole Summer are now over 70% down like for like on 2024, any considered views on how a global 25% tariff might affect Europe-US traffic levels, both biz and leisure? Are we going to see a big drop in flights, and parked LH aircraft?
There are certainly people that will make a concious decision not the travel to the USA because of Trump's policies generally rather than tariffs in particular. However I really don't see your average family deciding not, for example, taking the kids to Florida to see the mouse.
What might be more interesting could be a fall in business travel on T/A routes as businesses look for new export markets to compensate for any reduction in US sales. If "front end" traffic falls "back end" economy fares may have to rise to balance the revenue.