MLM and other corporate sponsors are making big gains as President Donald Trump’s executive order on the controversial “Buy American and Hire America” rule, which limits foreign-based companies from hiring in the United States, has been approved by the Federal Trade Commission.
The decision has been hailed by corporate and labor groups as an important step toward a federal crackdown on the business practices that have allowed U.S. companies to shift profits overseas.
“This rule will provide greater clarity and predictability for American companies and create more opportunities for American workers to gain the skills and experience that they need to succeed,” President Donald J. Trump said in a statement announcing the rule’s approval.
The FTC says that by removing barriers to the entry of foreign companies and their workers into the United Nations, the rule is a “major win for American business and workers.”
The rule, Trump said, will “protect American jobs and workers” by “providing more access to American consumers.”
In a statement, the AFL-CIO said the rule was “an important victory for American manufacturing, and for American communities that rely on it.”
The trade association, which has been fighting for the rule since it was first proposed in 2014, welcomed the decision.
“The Trump administration’s recent decision to withdraw from NAFTA is a victory for workers and American workers, but we must now work together to restore the rule of law,” said AFL-CCU President Richard Trumka.
“It’s important to note that the Commission’s decision is not final.
Companies will now have the ability to hire foreign workers on temporary visas or at a cheaper rate, and they will have to pay a penalty if they hire workers from outside the U.K., Canada, Mexico, or Australia. “
That said, we look forward to working with Congress to pass the Buy American, Send Jobs Act of 2018, which would ensure that U.N. rules remain in place for the benefit of American workers and businesses.”
Companies will now have the ability to hire foreign workers on temporary visas or at a cheaper rate, and they will have to pay a penalty if they hire workers from outside the U.K., Canada, Mexico, or Australia.
Under the rule, companies will have three years to decide whether to keep the workers.
But the labor groups say that, while Trump has touted the rule as a boon for American businesses, it’s unclear how the rule will actually benefit American workers in the long run. “
Withdrawing from NAFTA will save American companies money by allowing them to hire fewer American workers while boosting U.A.E. competitiveness.”
But the labor groups say that, while Trump has touted the rule as a boon for American businesses, it’s unclear how the rule will actually benefit American workers in the long run.
“These companies are likely to have an advantage in hiring foreign workers because they will be able to hire cheaper labor overseas, and because they won’t be required to pay the tax, they will likely save money in taxes,” said Tom Watson, director of the American Council for an Open Economy at the Center for American Progress, a think tank that is allied with the AFL.
“However, they won�t be able hire the workers they want and will be left with a large number of people without the skills they need, who will be less qualified and less productive than American workers.”
Trump’s administration has said it will reverse the rule once it gets to Congress, but he has yet to provide a timeline for doing so.