Trump's Executive Order on H-1B, L-1 Visas for Foreign Workers Cost Companies $100 Billion: Report
4 years, 2 months ago

Trump's Executive Order on H-1B, L-1 Visas for Foreign Workers Cost Companies $100 Billion: Report

News 18  

Washington: President Donald Trump's executive order restricting entry of skilled foreign workers into the US, mainly on H-1B and L-1 visas, has resulted in an estimated loss of $100 billion to companies and will have lasting negative impacts on firms here, according to a prominent American think-tank. The executive order signed by Trump on June 22, that had temporarily banned issuing fresh H-1B and L-1 visas till December 31, caused a negative impact to the valuation of Fortune 500 firms equivalent to over USD 100 billion in losses, Brookings Institute said in a report released this week. Meanwhile, the American Immigration Council on Thursday said another proposed rule by the Department of Homeland Security limiting the admission periods of foreign students and exchange visitors could devastate US leadership in scientific research and technological innovation. A proposed rule by the Department of Homeland Security limiting the admission periods of foreign students and exchange visitors could devastate US leadership in scientific research and technological innovation, it said.

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