Trump plans to charge $ 100,000 for H-1B visas encountered by dismay of CEOs who want talent
Good morning. Elon Musk noted that he was in the United States because of the H-1B visa. I also came to the United States. Melania Trump too. The chances are high that none of us could have worked here, if it cost our employers $ 100,000 per pop. Donald Trump’s decision to considerably increase the cost of this key visa for foreign workers caused chaos over the weekend, followed by a slight relief that existing holders are exempt, but generalized confusion on what it means for business. “We are flooded with requests from members,” said yesterday, CEO of the American Chamber of Commerce, Suzanne Clark. “We work with the administration and our members to understand the complete implications and the best path to go.”
Technology and advice giants will bring the weight of this cost – the Amazon should have paid more than a billion dollars if the costs had been billed for its visa holders – but thousands of small businesses and startups were on the program. It will undoubtedly be disputed in court, because the new visa costs are generally the domain of the Congress, but, for the moment, the costs are standing. Here is the reaction that I heard of some leaders this weekend, many of whom are in town for climate week and the United Nations General Assembly.
The system needs reform-I was surprised to hear a leader in veteran technology agreed with the assertion of the White House that the H-1B facilitated American companies to hire foreign entry-level talents rather than looking for workers at home. “A lottery is not a meritocracy,” he told me. “Companies use these visas to move American workers. It’s just a fact. ” With the Gen Z which has trouble finding work, something had to give.
Foreign workers fuel innovation– Attracting the best and brightest in the world is part of the American secret sauce. Many entrepreneurs come as a foreign student, ultimately obtaining an H-1B which allows them to create companies and prosperous careers here. The Bureau of Labor Statistics estimated that the United States would need more than a million additional STEM workers between 2023 and 2033. AI and automation can reduce labor demand, but the multiplier effect of upper talent does not decrease.
The industry will retaliate– POS were remarkably lukewarm in response to various movements of the White House, from prices to directives on how to manage their businesses. But the fear of the president’s anger gives way to frustration: says a CEO of origin abroad to which I spoke: “Show me a country which wins by diverting talents, in dismissing experts and making it more expensive to do business.”
Contact the CEO every day via Diane Brady in Diane.brady@fortune.com
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Future S&P 500 dropped by 0.19% this morning. The index closed 0.49% during its last session, reaching a new higher of all time at 6,664.36. Stoxx Europe 600 was flat at the start of trading. The FTSE 100 of the United Kingdom was flat at the start of trading. Nikkei 225 from Japan increased by 0.99%. CSI 300 from China increased by 0.46%. South Korea Kospi increased by 0.68%. Nifty 50 of India fell 0.21% before the end of the session. Bitcoin fell to $ 112.7,000.
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