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U.S. economy lost $100B due to Trump immigration ban: Report – Canada Immigration News

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Published on October 23rd, 2020 at 05:00am EDT

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Restricting immigration has proven costly to the U.S. economy, according to a new report.

On June 22, 2020, American President Donald Trump signed an Executive Order to limit the number of employment-based visas the U.S. would issue for the rest of 2020. This includes new employment-based visas under the H-1B, H-2B, J, and L categories. The purpose of this Executive Order, according to the Trump administration, is to protect American workers during the coronavirus pandemic.

In a new study, the Brookings Institution, which is a leading U.S. research institute, estimates this Executive Order has cost the U.S. economy $100 billion. Brookings estimates the order has resulted in 200,000 fewer foreign workers and their dependents being able to enter the U.S. this year.

When comparing the valuations of Fortune 500 companies before and after the announcement, Brookings found a $100 billion decline in the market valuation of the companies following the Executive Order.

One thing to keep in mind, however, is that market valuations of Fortune 500 companies have been volatile throughout the COVID-19 pandemic. Moreover, the fall in market valuations does not necessarily mean that $100 billion was “lost”, since the market valuation of the Fortune 500 will likely recover following the pandemic.

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Nonetheless, the study underscores the importance of immigration to the U.S. economy. Similarly, immigration is of significant importance to Canada’s economy, which is why Canada continues to target over 340,000 new permanent residents per year.

Canada’s open immigration system and economic and social similarities has resulted in more U.S. residents immigrating to Canada in recent years.

How U.S. residents and citizens can immigrate to Canada.

Canada has over 100 different merit-based immigration streams for those who want to obtain permanent residence as skilled workers from the U.S.

Immigration candidates are assessed on their age, education, English skills, work experience, family ties in Canada, and other criteria such as whether they have worked and/or studied in Canada, and whether they have pre-arranged employment. You do not need a job offer however to succeed under Canada’s immigration system.

U.S. residents and citizens often look to immigrate as skilled workers through Express Entry.

How to immigrate to Canada from the United States

A step-by-step guide on how to immigrate to Canada if you live in the U.S. Fill out a free immigration assessment form for assistance: https://www.canadavisa…

Express Entry is Canada’s main application management system for skilled workers.

Every two weeks, Immigration, Refugees and Citizenship Canada (IRCC) holds Express Entry draws.

The highest scoring candidates receive invitations to apply for permanent residence.

After you submit your permanent residence application, IRCC aims to process your application and confer permanent residence status on you within six months or less.

After Express Entry, the second best way to immigrate from the U.S. as a skilled worker is through the Provincial Nominee Program (PNP).

Almost all of Canada’s provinces and territories operate the PNP to nominate immigrants who can meet their local labour market needs. You can apply directly to a province or territory’s PNP. If you obtain a nomination certificate, you can go ahead and submit a permanent residence application to IRCC.

If you are eligible for Express Entry, your best option is to submit an Express Entry profile. In addition to being considered by IRCC, provinces and territories can review your profile and issue you with an invitation to apply to their PNP. You can then use the nomination certificate you obtained to get an extra 600 points under Express Entry which essentially guarantees you will be successful through Express Entry.

Among Canada’s 100 skilled worker immigration options include pathways through Quebec’s immigration system and pathways for business immigrants such as self-employed persons.

Get a free Canadian immigration assessment

Work permit options for U.S. residents and citizens

Work permits in Canada fall under two categories.

Some work permits require a Labour Market Impact Assessment (LMIA).

Canada uses the LMIA to determine how foreign workers may impact the Canadian labour market. Some jobs that require an LMIA mandate that Canadian employers submit an LMIA application to the Canadian government. If the government agrees the hiring of the foreign worker will not hurt Canadian workers, your LMIA application will be approved.

Most foreign workers do not need do not require an LMIA. For instance, U.S. citizens may be eligible to work in Canada without needing an LMIA if their job in Canada falls under the provisions of the United States-Canada-Mexico-Agreement (USMCA). This agreement is called “CUSMA” in Canada and used to go by “NAFTA”.

Another popular option since 2017 for U.S. residents and citizens alike is Canada’s Global Talent Stream. The GTS gives priority processing to tech talent who wish to enter Canada. Although an LMIA is required, it typically takes the Canadian government about one month to review applications.

Are you a U.S. citizen or resident with a job offer in Canada? Contact Immigration Attorney Daniel Levy for work permit assistance.

© 2020 CIC News All Rights Reserved

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  • Kareem El-AssalKareem El-Assal

    Kareem El-Assal

    Kareem is the Managing Editor of CIC News and Director of Policy & Digital Strategy at CanadaVisa.

    Kareem has been active in the field of immigration since 2010 working for the federal government, non-profits, and the private sector.

    He has authored over 250 immigration publications, given over 50 presentations, and organized over 15 events featuring federal and provincial immigration ministers and leaders from other sectors.

    His research has been referenced by stakeholders such as Canada’s immigration minister, Statistics Canada, and the OECD.

    He has been invited to share his immigration insights with the likes of the Canadian Parliament and Senate, foreign government delegations, the American Immigration Lawyers Association, non-profits, the Globe and Mail, National Post, Toronto Star, Global News, Forbes, Washington Post, New York Times, CTV, CBC, Maclean’s, OECD, McKinsey & Company, and Boston Consulting Group.

    He is a graduate of the University of Toronto and Durham University.

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Economy

Fed official says U.S. economy 'plateauing' due to spread of COVID-19 and lack of fiscal help – The Globe and Mail

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Philadelphia Federal Reserve Bank President Patrick Harker speaks in Newark, Del., on April 27, 2013, when he was serving as president of the University of Delaware.

The Associated Press

U.S. economic growth is moderating as the coronavirus spreads and fiscal help fades, and some workers whose jobs are permanently eliminated will face an especially tough recovery, Philadelphia Federal Reserve Bank President Patrick Harker said on Wednesday.

Harker said he is expecting “moderate growth for the rest of this year and the first quarter of 2021” and for the economy to stay below pre-pandemic levels.

“Indeed, we are currently seeing signs of plateauing in the economy,” Harker said during remarks prepared for a virtual discussion. “That’s attributable both to COVID-19′s continued circulation and to the evaporation of fiscal support.”

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The policymaker forecasts that growth will pick up in the second half of next year if there is a vaccine widely available by next spring or summer. Harker said more fiscal support is needed to get the economy to that point and to support low-income households.

He also repeated his view that many of the jobs lost during the pandemic will not return as companies use technology to reduce staff. He gave the examples of toll workers who were laid off and jobs at meat packing plants that are being automated.

Speaking about the actions the Fed took to support the economy during the pandemic, Harker said he thought the central bank’s emergency lending programs should be extended beyond year end.

The facilities, which support lending to small and medium sized businesses, state and local governments and backstop the corporate bond market, are set to end by Dec. 31 after Treasury Secretary Steven Mnuchin asked the Fed to return unused funds.

“In my opinion, those facilities should stay open past the end of this year,” Harker said. “Until we get through this pandemic, the economy needs to be supported.”

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Australia bounces out of recession as economy grows 3.3% – OrilliaMatters

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WELLINGTON, New Zealand — Australia’s economy grew by 3.3% in the third quarter, rebounding from its first recession in nearly three decades as it recovered from pandemic-related shocks, according to figures released Wednesday.

Treasurer Josh Frydenberg told reporters the country still has a lot of ground to make up from the coronavirus downturn.

“Australia’s recession may be over, but Australia’s economic recovery is not,” he said.

Despite the latest quarterly rise, the economy contracted at a 3.8% annual pace. That’s after GDP fell by 0.3% in the first quarter and then by a record 7% in the second quarter.

“But the Australian economy has demonstrated its remarkable resilience and Australia is as well positioned as any other nation on Earth,” Frydenberg said. “Today’s national accounts represent a major step forward in Australia’s economic recovery.”

Before this year, Australia had managed to avoid a recession for 28 years. The economy grew even during the global financial crisis thanks to strong demand for Australia’s mineral exports and a robust domestic sector.

The better-than-expected figures were encouraging, economists said.

“The rebound in Q3 GDP reversed around 40% of the decline during the first half of the year and we expect output to return to pre-virus levels by mid-2021,” Ben Udy of Capital Economics said in a commentary.

Now on top of the pandemic, Australia is enduring a spate of rocky relations with China, its biggest trading partner.

Frydenberg said the situation with China is “very serious” but his government is focusing on striking deals with other countries in Asia and beyond.

“We have great produce, and we have great services, and we have great resource sectors, and I’m very optimistic about the opportunities for our exporters around the world,” he said.

Australia’s relationship with China worsened this week after a Chinese official tweeted a fake image of a grinning Australian soldier holding a bloodied knife to a child’s throat.

Australian Prime Minister Scott Morrison called the image “repugnant” and demanded an apology from the Chinese government. But China has not backed down.

The post took aim at alleged abuses by elite Australian soldiers during the conflict in Afghanistan.

Tensions have been growing this year since the Australian government called for an independent inquiry into the origins of the pandemic. China has imposed tariffs and other restrictions on a number of Australian exports.

Nick Perry, The Associated Press

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Australia bounces out of recession as economy grows 3.3% – Nanaimo News NOW

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“But the Australian economy has demonstrated its remarkable resilience and Australia is as well positioned as any other nation on Earth,” Frydenberg said. “Today’s national accounts represent a major step forward in Australia’s economic recovery.”

Before this year, Australia had managed to avoid a recession for 28 years. The economy grew even during the global financial crisis thanks to strong demand for Australia’s mineral exports and a robust domestic sector.

The better-than-expected figures were encouraging, economists said.

“The rebound in Q3 GDP reversed around 40% of the decline during the first half of the year and we expect output to return to pre-virus levels by mid-2021,” Ben Udy of Capital Economics said in a commentary.

Now on top of the pandemic, Australia is enduring a spate of rocky relations with China, its biggest trading partner.

Frydenberg said the situation with China is “very serious” but his government is focusing on striking deals with other countries in Asia and beyond.

“We have great produce, and we have great services, and we have great resource sectors, and I’m very optimistic about the opportunities for our exporters around the world,” he said.

Australia’s relationship with China worsened this week after a Chinese official tweeted a fake image of a grinning Australian soldier holding a bloodied knife to a child’s throat.

Australian Prime Minister Scott Morrison called the image “repugnant” and demanded an apology from the Chinese government. But China has not backed down.

The post took aim at alleged abuses by elite Australian soldiers during the conflict in Afghanistan.

Tensions have been growing this year since the Australian government called for an independent inquiry into the origins of the pandemic. China has imposed tariffs and other restrictions on a number of Australian exports.

Nick Perry, The Associated Press

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