As of yesterday, the U.S. President issued a presidential proclamation that temporarily suspends overseas workers who are entering on H-1B visa for skilled employees, and L visa – for managers and qualified workers transferred within the company. But contradiction appears as Trump-owned or branded businesses used the H-2B visa to bring in workers.
According to the White House, this would help the Coronavirus hard-hit economy. However, employers are vehemently opposing, such as major tech companies like Microsoft and Slack, and even the U.S. Chamber of Commerce, which stated, "These restrictions will negatively impact the U.S. economy."
The presidential proclamation will be in force starting Wednesday until the end of the year, and by this move, 52,000 jobs will become available for U.S. workers. The administration wants the Americans back to work as soon as possible. The act won't affect the ones that already have a valid visa, but people must provide an official travel document that allows their entrance in the States.
Specialists believe that this is Trump's way of achieving his goal of limiting immigration. More than 219,000 foreign workers won't be allowed in the country by year-end.
Moreover, the administration wants to restrict the H-1B visa program to only 85,000 per year and only for the highest-paid applicants to receive it.
The American benchmarks were unphased by the news and ended the day on a high note. USA30 gained 0.9%, while USA500 added 0.65%. TECH100 rose by 1.11%.
Read more about Trump’s actions here!
Sources: reuters.com, economictimes.indiatimes.com