US President Donald Trump has extended the restrictions on H-1B visas as well as other foreign work visas for three months in the interests of American workers. Trump said that the corona virus treatment and vaccine are available, but the impact of the epidemic on the labor market and community health is not completely over.
Indian IT professionals will be affected
Trump had last year ordered a ban on work visas for various categories on 22 April and 22 June. The said order was coming to an end on 31 December, and a few hours before that, Trump announced on Thursday to extend it to 31 March.
What is H-1B Visa?
In this context, he said that the reasons for which these restrictions were imposed have not changed. The decision will also affect Indian professionals waiting to renew their H-1B visas.
Impact on Fortune 500 Companies Valuation
It may be noted that Trump had on June 22, through an executive order, stayed the issuance of new H-1B and L-1 visas by 31 December 2020. The report, released by the Brookings Institute, said that the order negatively affected the Valuations of Fortune 500 companies and they have lost more than $ 100 billion.
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