refund policy change due to economic conditions?

Without trying to get into the politics of the current economic conditions, it is as of this
point a major, but short-term, issue. I presume OP wrote this without looking at how
the market rebounded today based on the suspension of tariffs, which could totally
reverse itself tomorrow.

The pandemic was a longer term situation, and if we end up in an economic depression
as a result of a trade war, while I could see travel companies making policy changes, there
will be much bigger fish to fry.

One of the conditions that would make this messy is that the original purchaser received the chance to cancel the trip within 30 days of their purchase. The tour company (RS or another) is making their overall yearly final plan/purchases for Summer based on their current reservations. If a new substitute replacement purchaser also is given the same 30 days to cancel, the tour company is at greater risk that they will lose revenue with these replacements.

I would also consider this similar to people buying something that they need to wait a few months to receive. If there’s a new special car coming out and people have paid for them and others are wanting one, too, but haven’t put down a deposit, I doubt that the car dealership is going to send out an offer to let people who paid, decide to receive their money back while the dealer contacts the waitlist possible purchasers. But, if Person A knows Person B and decides to let Person B have their car when it comes in, that isn’t such a risk for the company.

...but I think at least some people are reconsidering big discretionary expenses.

But the 30 days only applies to the $400 per person deposit, not to the final tour payment, which is due approximately 60 days prior to departure. And their transfer policy seems reasonable, allowing you to transfer your deposit to another open tour in the same year at least 60 days before the original departure.

In addition they state "Transfers less than 60 days before your tour's departure are generally not possible." Which suggests a degree of wiggle room - use of "generally" - if there is a waitlist for the tour you want to leave, it's to their advantage to allow, since they'd be making an additional sale.

In addition, their Creditable Event policy also seems reasonable - if you lost your job or experienced a medical issue, you can receive a 100% credit if more than 30 days before departure.

I agree with Mark.

Rick just sent out an updated 2026 tour policy update today. I received an email and it's on the website.

The update KD referred to is here:
https://www.ricksteves.com/tours/policy-updates

and here is a discussion about the 2026 changes https://community.ricksteves.com/travel-forum/tours/rs-tour-policy-changes-2026