In an interview with Fox News that aired Tuesday, Trump was pressed by host Laura Ingraham about H-1B visas for skilled foreign workers and whether his administration would make them less of a priority, Bloomberg reported.
Ingraham argued that visas would make it harder for Trump to achieve his goal of raising wages for U.S. workers. “You also do have to bring in talent,” Trump countered. When Ingraham said the U.S. already had “plenty of talented people here,” Trump responded “no.” He added, “You don’t have certain talents. And you have to, people have to learn. You can’t take people off, like an unemployment line, and say, ‘I’m going to put you into a factory. We’re going to make missiles.’”
The remarks are being closely watched by investors as Indian IT companies such as Infosys, TCS, Wipro, and HCL Technologies depend heavily on the H-1B visa program to deploy skilled engineers on client projects in the United States, their largest market. Any easing or supportive rhetoric around skilled immigration tends to boost market sentiment for the sector.
IT stocks had already rallied on Tuesday, ending 1.2% higher as hopes of a U.S. government reopening lifted risk appetite. Investors bet that a resolution would clear the path for the Federal Reserve’s rate outlook, bolstering prospects for the export-driven sector.
Visa tensions simmer
Trump’s comments come after his administration earlier this year imposed a $100,000 application fee on H-1B visas, a move that drew a lawsuit from the U.S. Chamber of Commerce and highlighted the growing tension between corporate America and the White House over immigration.
Trump, now in his second term, has ramped up deportations of undocumented migrants, deploying troops to major cities to assist immigration officers, a move that has spurred business concerns over labour shortages. Employers have also become less willing to sponsor international students for work visas, narrowing a traditional talent pipeline for U.S. companies.
With Trump acknowledging the need for skilled workers despite his administration’s restrictive measures, investors will be watching whether this marks a softer stance on high-skilled immigration.
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