The study suggests that the U.S. economy is on track to lose $12.5 billion in international spending this year alone – but the actual shortfall might be much greater.

Tourism Economics, a division of Oxford Economics, had originally forecast a nine percent increase in foreign travel earlier this year before revising its estimate to reflect “polarizing Trump Administration policies and rhetoric.”

Based on the research firm’s original projections, the U.S. economy was expected to gain $16.3 billion in revenue, according to an analysis by Forbes. Instead, the total deficit may be as high as $28.8 billion.

Yes they did. They expected gains of 16.3 billion, but instead experienced a drop of 12.5 billion. Resulting in hypothetical losses of 28.8 billion.