"Corporations will have to pay a $100,000 fee to apply for H-1B visas, a pathway for skilled foreigners to join U.S. employment ranks, the president announced - up from $2,500. Trump also directed the Labor Department to revise pay requirements for these workers who, in some cases, are underpaid relative to U.S. workers. What they're saying: Commerce Secretary Howard Lutnick said it won't be "economic anymore" for companies to rely on H-1B visa - incentivizing them to lean on American workers instead."
"The change is a blow to American firms that rely on the visas to fill a job market gap: not enough skilled U.S. workers to meet employer demand. It is the latest drain on labor supply from Trump's immigration crackdown. Lower labor supply, for example, is a likely factor in weak job growth over the summer - only 27,000 jobs a month added from May to August."
The H-1B visa application fee will increase from $2,500 to $100,000 and the Labor Department will revise pay requirements for H-1B workers. Commerce Secretary Howard Lutnick said the changes will make reliance on H-1B visas economically unattractive and will incentivize companies to train and hire American workers. Many firms rely on H-1B visas to fill shortages of skilled U.S. workers, and tighter rules will constrain labor supply. Reduced immigration contributed to weak job growth in the summer. The Congressional Budget Office now projects net immigration of 400,000 this year, and population growth is expected to slow to roughly 0.3% annually.
Read at Axios
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