JPMorgan to engage with stakeholders on H-1B visa fee, Indian media say

JPMORGAN will engage with stakeholders and policymakers after US President Donald Trump unveiled a one-time fee of US$100,000 for H-1B visas, the Times of India newspaper said on Tuesday, citing an interview with CEO Jamie Dimon.

Some big tech companies warned visa holders to stay in the United States or return quickly after the Trump administration said last week it would ask companies to pay the fee for such visas.

“For us, visas matter because we move people around globally - experts who get promoted to new jobs in different markets,” Dimon told the paper.

In a separate interview with news channel CNBC-TV18, Dimon said Trump’s announcement “caught everyone off guard”.

Since taking office in January, Trump has kicked off a wide-ranging immigration crackdown. The H1-B restrictions are his administration’s most visible effort yet to rework temporary employment visas and underscores what critics have said is a protectionist agenda.

JPMorgan was among the top 10 companies to sponsor the H-1B visa during fiscal year 2024, approving visas for about 2,440 beneficiaries, according to US data.

BT in your inbox

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

In a subsequent clarification, the White House said the fee would apply to each visa request and not to existing visa holders re-entering the United States.

Commenting on the US-India trade deal, Dimon said he hoped Trump and Indian Prime Minister Narendra Modi could reach an agreement.

“I see India as a natural friend of America. I don’t think we need to ask you to align; we should extend our hand, build relationships,” Dimon added.

SEE ALSO

India’s Trade Minister Piyush Goyal is in Washington to accelerate talks on a long-pending trade deal, nearly a week after a US delegation met trade officials in India.

Trump last month imposed a 25 per cent punitive levy on Indian imports from Aug 27, doubling overall tariffs to 50 per cent, as part of Washington’s pressure campaign on Moscow over its invasion of Ukraine.

A planned US delegation visit to New Delhi from Aug 25-29 was cancelled after talks stalled, with India resisting US demands to open its vast farm and dairy markets. REUTERS