Trump visa order costs Fortune firms dearly
A report by Brookings Institute revealed that President Donald Trump’s executive order which restricted the entry of skilled foreign workers into the US, led to an estimated loss of US$ 100 billion to Fortune 500 firms. The diktat had temporarily banned issuing fresh H-1B and L-1 visas till December 31. The study estimates that the order put a stop to the entry of around 200,000 foreign workers and their dependents.
The study noted that there is an overwhelming evidence documenting that skilled immigration enhances firm outcomes such as profits, productivity, production expansion, innovation and investment. “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,” it noted.
The H-1B visa, a non-immigrant visa, is highly sought-after among Indian IT professionals; while L-1 visa is for internal company transfers. It enables US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.