As per reports, President Donald Trump’s recent order on H-1B and L1 visas for foreign workers is expected to cause a loss worth $100 billion to the companies and lasting negative impacts on the companies.
Meanwhile, the Department of Homeland Security (DHS) has proposed another rule regarding capping the admission periods of foreign students and exchange visitors.
Read on to know more…
Trump’s Order Can Slow Down the Post-COVID-19 Economic Recovery in the USA!
In a report released by Brookings Institute this week, the temporary visa ban in June had caused a negative impact on the valuation of Fortune 500 firms. This negative impact was equal to a whopping $100 billion in losses.
The report was co-authored by Prithwiraj Choudhury, Indian-American Lumry Family Associate Professor of Business Administration at Harvard Business School; Dany Bahasr from Brookings and Britta Glennon from the University of Pennsylvania.
According to the report, the executive order by Trump dated June 22 had temporarily suspended the issuing of fresh H-1B and L-1 visas till December 31 in turn banning the entry of over 2 lakh foreign workers and their dependents.
The new norms have imposed an increase in the wages for highly skilled foreign workers and green card applicants and tightened the H-1B visa rules. H-1B visas are used by companies to hire or transfer high-skilled immigrants workers in the US and is hence the most sought-after visa among Indian IT professionals.
The report stated the documented evidence suggested that skilled immigrant workers improved a company’s profits, productivity, production expansion, innovation, and investment. The report argued, “Thus, it is plausible that the Trump administration’s measures significantly restraining immigration will have lasting negative impacts on American firms, and with it, slow down the post-COVID-19 economic recovery.”
This New Rule By The Trump Govt Can Cause Massive Devastation!
The new rule regarding limiting the admission periods of exchange visitors and foreign students seeking higher education degrees devastate US leadership in scientific research and technological innovation, said the American Immigration Council on Thursday.
The proposal would adversely affect colleges and universities in the US. It can also hit the legal immigration system in the long run, it said.
Beth Werlin, executive director of the American Immigration Council said, “This rule threatens to undermine the US’ role as a world leader in education and stigmatises tens of thousands of students based on their country of birth. New costs and bureaucratic barriers will make it more difficult for students and exchange visitors to complete their courses of study in the United States uncertainty that will inevitably drive talented students from around the world to pursue their studies in other countries.”
“We already have an appropriate system in place to ensure that international students and exchange visitors comply with the terms of their visas. This proposed rule is unnecessary and would significantly reduce our ability to serve as a destination for the most talented students and exchange visitors from around the world,” Werlin added.