• Trump's new H-1B visa policy imposes a $100,000 fee for new applicants.
• The move has raised concerns among tech and finance industries about increased hiring costs.
• Predictions suggest that employment opportunities for entry-level positions may diminish.
• Experts warn that the fee may lead firms to outsource jobs rather than hire domestically.
• Critics argue the policy might ultimately restrict innovation and economic growth.

President Trump’s recent executive order raised the application fee for H-1B visas to $100,000, a change expected to significantly impact the hiring processes within both the technology and finance sectors. This unprecedented fee is sparking fears among major financial institutions such as Business Insider, The Hill, and Reuters that recruiting skilled foreign workers will become prohibitively expensive. The order is aimed at curbing immigration while simultaneously promoting domestic hiring.

Wall Street firms are particularly vulnerable, as they commonly utilize H-1B visas to attract talented professionals in roles ranging from junior bankers to risk managers. According to experts cited by Business Insider and Reuters, the increased cost could result in banks hiring fewer foreign workers, particularly for junior positions, which account for a substantial share of H-1B applications. JPMorgan, for example, received 2,440 H-1B visas recently, making it one of the largest users of the program.

Silicon Valley is expressing similar concerns, anticipating that the new fee will lead many firms to consider relocating jobs overseas to circumvent the heightened expenses. An immigration attorney indicated that large corporations are already looking into options outside the U.S., fearing that the H-1B fee will render domestic hiring unmanageable India Times, CBS News.

Industry experts are warning that if the new fee discourages employers from seeking international talent, it could diminish the overall quality of innovation and growth within the U.S. economy. As noted by India Times, the decision could lead to reduced opportunities for highly skilled individuals, particularly those in emerging technology fields such as AI and software development.

However, amidst the concerns, some believe that the move may inadvertently lead to increased hiring of U.S.-based employees as companies avoid the high cost of H-1B applications. Yet, economists warn that while short-term gains for native workers may occur, the long-term economic implications could stifle growth across sectors CBS News, The Hill.