Travel demand in the US is unlikely to catch up to international growth in the near future, the head of the leading global aviation association said at the Singapore Airshow.

“Expected growth in the US market is lower than the global average,” International Air Transport Association Director General Willie Walsh said in a Bloomberg TV interview on Tuesday.

Demand will grow by 4.9 percent around the world while remaining “broadly flat” in the US, and the organization expects that trend to last beyond 2026, he said.

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Consolidation, focus on domestic travel even as it stagnates, a shortage in aircraft and problems in the supply chain affecting major US airlines contributed to stagnation in the American market, Walsh said.

Global airlines stand to earn a record $41 billion this year, with Europe contributing the most as US carriers grapple with fallout from tariffs, tighter immigration enforcement and heightened geopolitical tensions.

Walsh also said he has faith in aviation regulators to operate without intervention, after US President Donald Trump threatened to decertify planes made in Canada over certification of Gulfstream jets.

“It creates noise in the background, but I have full confidence in both the professionals at the FAA and in safety regulators in other parts of the world, and I don’t believe politics will interfere in that,” he said.

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Trump last week said he’d apply a 50 percent tariff to planes made in Canada and strip them of globally recognized safety permits. He complained Ottawa hasn’t yet approved certain jets made by Gulfstream, a unit of General Dynamics Corp, that have already been certified by the Federal Aviation Administration (FAA).