Yahoo Finance's On The Move panel weigh in on what's moving markets.
- Akiko, you've been looking at a situation. What's your word on the street? Tell us about this.
AKIKO FUJITA: Yeah, well so we're looking at what President Trump's policies are on refugees and admitting them into the US because we got this notice that the president sent over to Congress on Wednesday night with the president looking to cut the number of refugees in the upcoming year to a record low. So we're talking about 15,000 refugees that would be eligible to be admitted into the US. You compare that to 18,000 in this current fiscal year.
But you look at how dramatic the shift has happened. Under President Obama's last year, he kept the refugees being admitted at 110,000. Since then President Trump has reduced that by 80%, and it's important to note when we're talking about refugees here, these are among the most vulnerable who don't have a home to go back to because of the dangers that await back home. And this is all part of a concerted effort by this administration, no question, to try and crack down on immigration, try to seal the borders even more so.
And I think it's important to take a look at this issue in the context of this administration's broader immigration policies and the impact that's likely to have on businesses. I know we talk a lot about Silicon Valley and the tech sector. Well, when you look at the companies right now that are valued at more than $1 billion, the unicorns we often talk about, more than 50% of the founders are immigrants.
And so while this policy right now has evolved over the last three years, there's no question when you look at the reduction in the amount of international students allowed into universities, the reduction in immigration, the reduction in refugees, that is a policy that's likely to have implications well beyond this year and potentially much longer beyond that because with those borders closed, we're increasingly seeing a lot of immigrants, a lot of refugees, going to other countries. It's going to be important to track to see what the implications are down the road.