Peterson Institute for International Economics

A US flag and H-1B Visa application form are seen in this photo illustration, taken on September 22, 2025.

Photo Credit: REUTERS/Dado Ruvic/Illustration

New US curb on high-skill immigrant workers ignores evidence of its likely harms

The Trump administration has started charging a $100,000 per person fee on new applications for H-1B visas, which enable US entry by high-skilled immigrant workers. The restriction risks causing profound and widespread harm to Americans' incomes and job opportunities, writes Michael A. Clemens (PIIE).

Watch Clemens explain in this related video.

A one hundred Argentine peso bill sits on top of several one hundred US dollar bills in this photo illustration, taken on October 17, 2022.

REUTERS/Agustin Marcarian/Illustration

Photo Credit: REUTERS/Agustin Marcarian/Illustration

RealTime Economics

Argentina is in crisis. A US rescue may invite new problems.

Monica de Bolle (PIIE)

September 22, 2025

Event

Ukraine's future in the European Union

Nicolas Véron (PIIE) and Oleksandra Azarkhina (Economic Security Council of Ukraine)

September 23, 2025

Stacks of containers are pictured at a port.

REUTERS/Kacper Pempel

Photo Credit: REUTERS/Kacper Pempel

Working Papers

Tariffs as Fiscal Policy

Kimberly Clausing (PIIE) and Maurice Obstfeld (PIIE)

September 24, 2025

Shoppers walk through the King of Prussia Mall in PA, as global markets brace for a hit to trade caused by US President Donald Trump's decision to impose import tariffs on dozens of countries. Photo taken on April 3, 2025.

REUTERS/Rachel Wisniewski

Photo Credit: REUTERS/Rachel Wisniewski

RealTime Economics

Who is paying for Trump's tariffs? So far, it's US businesses.

Gary Clyde Hufbauer (PIIE) and Ye Zhang (PIIE)

September 16, 2025

What's New

Cullen Hendrix on climate, national security, and critical minerals: PIIE Insider LIVE highlights

Anjali V. Bhatt (PIIE) and Cullen S. Hendrix (PIIE)

September 26, 2025

Restricting high-skilled immigration is a blow to American innovation and productivity

Michael A. Clemens (PIIE)

September 26, 2025

A view of the White House on August 4, 2025.

Podcast: Who Profits in a Post-American World?

Adam S. Posen (PIIE)

September 25, 2025

via Hidden Sources

A worker welds a steel tube at a factory in Mendota, Illinois. Picture taken on February 21, 2025.

How Many Manufacturing Jobs Will Trump’s Tariffs Create? And at What Cost?

Gary Clyde Hufbauer (PIIE) and Ye Zhang (PIIE)

September 24, 2025

via American Enterprise Institute

PIIE Charts

Erosion of Fed independence would slow US economic growth and boost inflation over time

Warwick J. McKibbin (PIIE; Australian National University), Megan Hogan (PIIE) and Marcus Noland (PIIE)

September 24, 2025

Slowing immigration has halted job growth in some industries

Jed Kolko (PIIE)

September 9, 2025

Trump's "reciprocal" tariffs heavily penalize countries that use more imported inputs

Robert Z. Lawrence (PIIE)

September 9, 2025

Trump's tariff revenue tracker: How much is the US collecting? Which imports are hit?

Gary Clyde Hufbauer (PIIE) and Ye Zhang (PIIE)

September 8, 2025

China's economic outlook: Challenges and opportunities

October 8, 2025, 1:00 PM to 2:15 PM EDT

Martin Chorzempa (PIIE), Tianlei Huang (PIIE), Mary E. Lovely (PIIE) and Yeling Tan (PIIE)

Oct

Global Economic Prospects

Global Economic Prospects: Fall 2025

October 9, 2025, 1:00 PM to 2:00 PM EDT

Karen Dynan (PIIE), Arvind Subramanian (PIIE) and Adam S. Posen (PIIE)

Oct

Bridges and borders: Economic policy across North America

November 6, 2025, 9:00 AM to 1:30 PM EST

Conference organized by PIIE and the Federal Reserve Bank of Dallas

Nov

USMCA

Trucks wait for border customs control before crossing into the US from the Cordova-Americas border in Ciudad Juarez, Mexico.

Trump's threatened tariffs projected to damage economies of US, Canada, Mexico, and China

Warwick J. McKibbin (PIIE; Australian National University) and Marcus Noland (PIIE)

January 17, 2025

A customer counts his cash at the register in Flushing, New York

No trade tax is free: Trump’s promised tariffs will hit large flows of electronics, machinery, autos, and chemicals

Julieta Contreras (PIIE), Mary E. Lovely (PIIE) and Jing Yan (PIIE)

December 12, 2024

Carrier trailers que at the border waiting for customs control to cross into the US, at the Otay border crossing in Tijuana, Mexico.

Restricting imports of Mexican vehicles will harm US manufacturers

Julieta Contreras (PIIE)

December 4, 2024

Tariffs

Tariffs as Fiscal Policy

Kimberly Clausing (PIIE) and Maurice Obstfeld (PIIE)

September 2025

Who is paying for Trump's tariffs? So far, it's US businesses.

Gary Clyde Hufbauer (PIIE) and Ye Zhang (PIIE)

September 16, 2025

A selection of guitars is displayed at a music store.

Tariffs and economic uncertainty are hitting US musical instrument exports

Cullen S. Hendrix (PIIE)

September 15, 2025

Climate

A crane is used to carry out the construction work of wind turbines near a power plant in Africa.

Global economic governance and the fight against climate change

Cullen S. Hendrix (PIIE)

July 2025

Aerial view of a cement plant in Ozarow, Poland. Picture taken October 21, 2024.

Global climate cooperation after 2024: A proposal for a heavy industry climate coalition

Kimberly Clausing (PIIE), Joe Aldy (Harvard University), Dustin Tingley (Harvard University) and Catherine Wolfram (Massachusetts Institute of Technology)

July 2025