Donald Trump’s order on H-1B visas for foreign workers cost USD 100 billion: Report
Washington: President Donald Trump’s government order proscribing entry of expert international employees into the US, primarily on H-1B and L-1 visas, has resulted in an estimated lack of USD 100 billion to corporations and can have lasting destructive impacts on companies right here, based on a distinguished American think-tank.
The H-1B visa, most sought-after amongst Indian IT professionals, is a non-immigrant visa that enables US corporations to make use of international employees in speciality occupations that require theoretical or technical experience. L-1 visa is for inside firm transfers.
The government order signed by Trump on June 22, which had quickly banned issuing contemporary H-1B and L-1 visas until December 31, brought about a destructive influence to the valuation of Fortune 500 companies equal to over USD 100 billion in losses, Brookings Institute stated in a report launched this week.
According to estimates, the order barred the doorway of almost 200,000 international employees and their dependents, stated the report 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.
Noting that the nonimmigrant visas (such because the H-1B and L-1 visas) that had been focused are utilized by corporations to rent or switch high-skilled immigrants, the report stated there was overwhelming proof documenting that expert immigration improves agency outcomes comparable to earnings, productiveness, manufacturing enlargement, innovation, and funding.
“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 argued.
Meanwhile, the American Immigration Council on Thursday stated one other proposed rule by the Department of Homeland Security limiting the admission durations of international college students and trade guests might devastate US management in scientific analysis and technological innovation.
The proposal would negatively influence American faculties and universities and international college students searching for the next schooling diploma within the United States and have long-term results for the authorized immigration system, it stated.
A proposed rule by the Department of Homeland Security limiting the admission durations of international college students and trade guests might devastate US management in scientific analysis and technological innovation, it stated.
“This rule threatens to undermine the US’ function as a world chief in schooling and stigmatises tens of 1000’s of scholars based mostly on their nation of delivery.
New prices and bureaucratic boundaries will make it harder for college kids and trade guests to finish their programs of examine within the United States uncertainty that may inevitably drive proficient college students from all over the world to pursue their research in different international locations, stated Beth Werlin, government 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 around the world,” Werlin stated.
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