The Dow Jones (DJIA) is set to open Monday’s trading session in negative territory after the Trump administration announced that it would increase the fee for H-1B visa applications to $100,000. The visa allows domestic companies to hire highly skilled foreign workers.
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Before the White House clarified that existing H-1B visa holders wouldn’t be affected by the price hike, big tech companies rushed to call in employees on these visas who were abroad.
H-1B Price Hike to Hit India Hard
India will be hit particularly hard by the news, as Indians have accounted for roughly 70% of H-1B visas in recent years. Chinese workers trail behind at 12%. The policy will likely result in “humanitarian consequences by way of the disruption caused for families,” said India’s government.
The measure has also pressured U.S.-India trade relations ahead of Commerce Minister Piyush Goyal’s visit to the U.S. this week. Last month, the U.S. slapped 50% tariffs on Indian imports as punishment for the country’s purchases of Russian oil.
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