"Good morning from Washington, where we are about to commence the Fortune Most Powerful Women Summit. You can read more about our headliners here and join us via livestream. When I speak with IMF Managing Director Kristalina Georgieva this afternoon, I'll be curious to hear not only her prognosis for the economic landscape but also her reflections on leading an organization devoted to globalization in a world that's putting up walls."
"While we all wait to see what's next on tariffs, the shutdown, the Gaza ceasefire, and more, let's consider the business impact of a policy that remains unchanged: the immigration crackdown. As an "essential" service, Immigration and Customs Enforcement (ICE) is largely unaffected by the shutdown and its deportations are unlikely to cease any time soon. This past week, several CEOs privately shared the impact that they're already seeing in their businesses."
"Fewer Customers. From the travel operator who told me the immigration crackdown is "much, much worse" for their business than tariffs to the manufacturer who said sales of their products are down by double digits in some southern states, concern about immigration action is causing some people to stay away or stay home. South Korea's LG and other foreign firms have put limits on business travel to the U.S. after workers on temporary visas were detained earlier this year."
The Fortune Most Powerful Women Summit includes discussion of the economic landscape and leadership of globalization amid rising protectionism. Immigration enforcement continues because ICE remains operational during the shutdown and deportations are likely to proceed. CEOs report fewer customers as travel declines and some people avoid public-facing businesses. Foreign firms like South Korea's LG have limited U.S. travel after visa detentions, and international student arrivals fell 19% in August, reducing spending by billions. Reduced productivity is emerging from worker shortfalls in sectors such as agriculture, which could soon lead to food shortages.
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