Through an executive order issued on June 22, 2020, President Trump restricted the entry of individuals with a nonimmigrant work visa. This was said to be in response to the Covid-19 pandemic to keep Americans safe. The executive order, which is set to last until December 31, 2020, has taken a toll on the U.S. economy.
Over 200,000 Nonimmigrant Workers Denied
It was estimated by visa attorneys Los Angeles that this executive order denied access to over 200,000 foreign workers and their dependents. Some of the most common nonimmigrant visas targeted were the L-1 and H-1B. Traditionally, these visas have been utilized by U.S. companies to transfer and hire highly-skilled immigrants.
This has raised many questions from a Los Angeles visa lawyer for non-immigrants and many others about the future of the economy. These high-skilled immigrant workers have been proven to increase company profits, production expansion, innovation, investments, and profitability. Any work visa attorneys Los Angeles can reveal just how imperative these immigrant workers are to some of the biggest companies operating within the U.S. borders.
Stock Prices Drop $100 Billion Overnight
To learn how this visa restriction was going to affect the U.S. economy, Brookings undertook some research regarding the stock market. They noted the market valuation of a sample of Fortune 500 companies before and after the executive order was released. Their results showed a .45 percent drop in stock prices for these companies. That’s equated to $100 billion.
Apart from the stock market drop, big companies are estimated to suffer even more economic damages with the passing of this executive order. This is because many companies have increasingly relied on foreign workers for growth and expansion. With access to foreign workers, these companies will suffer.
Potential Offshoring Expected In The Future
With such a big change-up in the availability of legal immigration help Los Angeles, it’s expected that many companies will consider offshoring. Since the U.S. is restricting access to the workers these companies need to grow, the companies are expected to move to where their highly-skilled employees are. This is estimated to have a severe economic impact on the U.S. economy as jobs get offshored.
After talking with US tourist visa lawyer Los Angeles, it has become clear that something needs to be done with this executive order. The U.S. big business economy relies too much on high-skilled foreign workers for continued growth and expansion. While a B visa lawyer in Los Angeles can work with companies to try and find loopholes for letting in foreign workers, it’s an uphill battle.
There are many different types of work visas out there. You should seek out legal immigration help Los Angeles to determine which one is right for you. Each visa has its own specific requirements, and a US tourist visa lawyer Los Angeles can assist you in fully understanding what they are. Some common examples include:
- Temporary Work Visas
- Employment Based Green Cards
- NAFTA Based Visa
Each one of these categories has a number of specific sections that indicate what form you’ll need to file with. For example, any B visa lawyer in Los Angeles can reveal that an employment based green card can be EB-1, EB-2, or EB-5. It’s best to consult a Los Angeles visa lawyer for non-immigrants to determine what specific visa fits your individual needs. Our immigration lawyer in Los Angeles will be more than happy to assist you.