Summers Says One Big Beautiful Bill Cuts Safety Net
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CNBC
a few seconds ago
- CNBC
U.S. to require some travelers to post up to $15,000 bonds to enter: What to know
The United States is launching a pilot program that could require some inbound travelers to pay bonds of up to $15,000 to enter. The 12-month program is aimed, in part, at visitors from countries with historically high visa overstay rates, according to an unpublished temporary final rule posted in the Federal Register on Tuesday. It's the latest move by the Trump administration to tighten immigration laws in the U.S., following a travel ban on nationals from 12 countries in June and a $250 "visa integrity fee" announcement in July. Here's what we know about the bond program, based on the Federal Register notice: Who will have to pay? The program applies to leisure and business travelers who need B-1 or B-2 visas to enter the U.S., and who are coming from countries: Which countries are these? The U.S. Department of State is set to announce the list of countries as early as today. Overstay rates will be based on the Department of Homeland Security's 2023 Entry/Exit Overstay Report. This report, published on Aug. 5, 2024, shows countries with high overstay rates include Chad (50%), Laos (35%) and Haiti (31%). However, countries with the most total overstays, by number, are Mexico (approximately 49,000), Brazil (21,000), Colombia (41,000), Haiti (27,000), Venezuela (22,000) and Dominican Republic (20,000). How many people will have to pay? Not many. The Department of State said it expects around 2,000 people will post visa bonds during the pilot program, given the number of people who are qualified to obtain U.S. visas and "uncertainty" surrounding the number of people who can pay it. How much are the bonds? There are three levels of bonds: $5,000, $10,000 and $15,000. Bond amounts are at the discretion of consular officers, subject to guidelines. The amounts will be based on travelers' "personal circumstances," including their reason for traveling, employment, income, skills and education. Travelers who are required to pay a visa bond must enter and depart the U.S. through specific ports of entry, which will be announced at a later date. Why a pilot program instead of a blanket rule? The purpose of the 12-month pilot is at least two-fold, according to the U.S. State Department. It is primarily aimed at accessing the feasibility of processing and discharging bonds, which the government has previously deemed to be "cumbersome." But it will also help ascertain whether bonds compel visitors to comply with their visa terms. The government's notice, however, also states that the pilot program is a "tool of diplomacy" intended to spur foreign governments to reduce overstay rates of their nationals and improve their travel screening and vetting processes. Notably, the pilot program provides more details than the blanket $250 "visa integrity fee" announced in July, including when it will start, how it will be implemented, and processes to post and refund bonds amounts. How many U.S. visitors overstay their visa terms? Only 1%-2% of nonimmigrant visitors overstayed their visas each year from 2016 to 2022, according to the U.S. Congressional Research Service. However, 42% of the estimated 11 million people who live in the U.S. without authorization entered on valid visas, but then never left, data shows. In 2019, the Department of Homeland Security estimated that more than 320,000 people overstayed their visas, though this includes travelers who eventually left the country, according to the State Department's visa bond notice.
Bloomberg
a few seconds ago
- Bloomberg
Trade Deal 'Losers' Have Economics on Their Side
Mercantilism — essentially the idea that exports are good and imports bad — is the most miraculously tenacious fallacy in economics. Many politicians accept it as true, but even those who understand that it's a fallacy find themselves playing by its rules. The mercantilist manual says that the Trump administration has scored huge wins in its tariff confrontation with US trading partners, and the partners appear to agree. Their 'defeat' has left them humiliated and unable to explain what they did. They might not know it, but what they did was smart. In trade policy, 'defeat' is often underrated.
CBS News
a few seconds ago
- CBS News
Comparison shows how online prices stack up against in-store tags at big box stores
A new price-matching policy at Target is now in effect. As of July 29, the Twin Cities-based company announced it was killing the previous price-matching policy, where it would match prices with Amazon or Walmart. The new policy only lets shoppers price match Target's in-store prices with its own online prices. That had us wondering if in-store and online prices are that different at big box stores. The price match shift is a decision Dr. Kingshuk Sinha, who heads up supply chain studies at the Carlson School of Management at the University of Minnesota, has been tracking. "Maybe some of the benefits of the original value propositions are no longer relevant," Sinha said. "Second, that's not the norm in the industry. Neither Target nor Amazon chooses to do Price Matching because that's not profitable. Certainly, I am sure they have made that judgment." Sinha added he doesn't expect much of a difference between Target's online prices with their in-store tags. "It's good to keep prices consistent so you are not sending mixed signals," he said. Sinha says if everything were cheaper online, there would be less motivation to go into stores. WCCO put his theory to the test. At Target, a floor lamp WCCO found was $150 in-store. Online, it was the same. A coffee maker was $129 both in-store and online and a designer bench that's $240 in-store had the same price online. At Walmart, a TV was $448 in-store AND online, and a robotic vacuum that was $329 in-store was not available online. A suitcase we found was $99 in-store, and a similar one was $90 online. At Best Buy, we found a laptop was $699 in-store and online. A printer at the store was $50 less online. Overall, some differences, but prices are mostly comparable. That is, until you see something else you like. "If you can bring foot traffic in a place like Target, there's a lot of potential," Sinha said.
