President Donald Trump’s executive order restricting the entry of skilled foreign workers into the US, primarily on H-1B and L1 visas, has resulted in an estimated $ 100 billion loss for businesses here, claimed a major American think tank.
The executive order signed by Trump on June 22, which had temporarily banned the issuance of new H-1B and L-1 visas until December 31, negatively impacted the valuation of Fortune 500 firms equivalent to more than $ 100,000. million in losses, Brookings Institute. it said in a report published this week.
The H-1B visa, the most sought after among Indian IT professionals, is a non-immigrant visa that allows US companies to employ foreign workers in specialized occupations that require theoretical or technical experience. The L-1 visa is for internal company transfers.
The order is estimated to have barred nearly 200,000 foreign workers and their dependents, Brookings said in a report co-authored by Prithwiraj Choudhury, an associate professor of business administration for the Indian-American Lumry family at Harvard Business School; Dany Bahasr from Brookings and Britta Glennon from the University of Pennsylvania.
Noting that the nonimmigrant visas (such as the H-1B and L-1 visas) that were targeted are used by companies to hire or transfer highly skilled immigrants, the report said there is overwhelming evidence documenting that immigration Qualified improves the results of companies, such as profits, productivity, productive expansion, innovation and investment.
“It is therefore plausible that the Trump administration’s measures that significantly restrict immigration will have lasting negative impacts on American businesses and thereby slow the post-COVID-19 economic recovery,” he argued.
Meanwhile, the American Immigration Council said Thursday that another rule proposed by the Department of Homeland Security limiting admission periods for foreign students and exchange visitors could devastate US leadership in scientific research and technological innovation.
The proposal would negatively affect American colleges and universities and foreign students seeking a higher education degree in the United States and would have long-term effects on the legal immigration system, he said.
A rule proposed by the Department of Homeland Security limiting admission periods for foreign students and exchange visitors could devastate America’s leadership in scientific research and technological innovation, he said.
The proposal would negatively affect US colleges and universities and foreign students seeking a higher education degree in the United States and would have long-term effects on the legal immigration system, he added.
“This rule threatens to undermine the United States’ role as a world leader in education and stigmatizes tens of thousands of students based on their country of birth. New costs and bureaucratic barriers will make it more difficult for students and visitors to exchange to complete their courses to study in the United States: uncertainty that will inevitably lead talented students from around the world to continue their studies in other countries, “said Beth Werlin, executive director of the American Immigration Council.
“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 all over the world, “Werlin said.
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