A new order issued on Visa by US President Donald Trump may cost companies up to $ 100 billion in damages.
A new order issued on Visa by US President Donald Trump may damage the financial condition of companies. A reputed think tank estimates that this may break the back of American companies. They may have to suffer losses of up to $ 100 billion. Trump issued an executive order in June last year, stalling many visas, including H-1B and L-1, by the end of this year. Due to this, the entry of other foreign workers including Indian has been banned in America.
The think tank Brookings Institute reported in a report this week that Trump had signed an executive order last June 22. Under this order, the issuance of new H-1B and L-1 visas has been banned till 31 December. The move may have a long-term negative impact on companies. According to the report, due to this order, about two lakh foreign workers and their dependents are expected to stop coming to America.
Companies employ or transfer foreign professionals on the basis of these visas. H-1B visa is very popular among Indian IT professionals. Through this visa, American companies employ highly skilled foreign workers. Every year 85 thousand visas are issued in different categories. While the L-1 visa is for internal transfers for companies.
The report said that measures such as immigration control by the Trump administration would permanently negatively impact American firms and slow the process of economic recovery after the outbreak of the Kovid-19 epidemic.