The Trump administration is hiking the cost of hiring foreign talent – and it’s catching businesses off guard.
Starting this week, companies must pay a one-time $100,000 fee for new H-1B visa applications, and that’s on top of the cost to file for the application.
H-1Bs allow skilled workers in fields like tech, medicine, and engineering to work in the U.S. – and American companies, especially Big Tech, have long relied on them.
But according to CNBC, the financial impact may be relatively modest for the biggest names in tech. Amazon employs more than 14,000 H-1B holders, while Microsoft, Meta, Apple and Google each have over 4,000.
About 70 percent of H-1B holders are from India and nearly 12 percent from China. India is already pushing back, warning the policy could have “humanitarian consequences.”
Experts warn the move could hurt U.S. innovation – while giving talent hubs in Europe, the Middle East, and Asia a chance to attract top workers.
The fee will not apply to existing visa holders or renewals.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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