Government and Policy Sector

The Department of Homeland Security proposed a $103,265 fee for H-1B visas, replacing an earlier six-figure levy struck down by a federal judge. Under the proposal, employers seeking to hire skilled foreign workers must pay the surcharge on top of existing filing costs before applications are approved. The administration argues the fee recovers the roughly $8.8 billion annual cost of running the immigration system and encourages companies to hire domestic workers. The policy follows a September 2025 executive proclamation by President Donald Trump requiring a $100,000 fee that was vacated in June by U.S. District Judge Leo Sorokin, who ruled the measure amounted to an unlawful tax requiring congressional approval. By using the formal notice-and-comment rulemaking process, the administration aims to bypass the legal hurdles that defeated its previous attempt. The proposed fee threatens to severely impact small businesses, with internal estimates projecting that 11,051 small firms would experience significant economic disruption. While tech giants like Amazon and Microsoft can absorb the costs or shift hiring to foreign affiliates in countries like Canada, startups face diminished prospects for patents, financing, and successful exits.

Canada announced retaliatory tariffs of up to 50% on U.S. goods after trade negotiations collapsed and the Trump administration imposed 50% duties on Canadian imports. Canadian Finance Minister François-Philippe Champagne stated that Ottawa will implement dollar-for-dollar counter-tariffs on about $27.6 billion worth of American imports, effective September 8. The measures span rates of 15%, 25%, and 50% across sectors including steel, aluminum, dairy, appliances, and agricultural equipment. Prime Minister Mark Carney noted that U.S. negotiators demanded concessions that Ottawa found unacceptable. Meanwhile, President Donald Trump threatened to raise tariffs on Canadian cars, trucks, auto parts, and steel to 50% beginning January 1, 2027. Canada also introduced a $7.5 billion support package to assist workers and businesses affected by the escalating trade dispute.

Thailand's Securities and Exchange Commission has advanced its framework for spot Bitcoin and Ether exchange-traded funds to the draft regulation stage. Under the proposed rules, locally listed ETFs will trade exclusively on the Stock Exchange of Thailand and must maintain an average net exposure of at least 80% to their underlying asset over each accounting year. The initial phase limits eligible assets strictly to Bitcoin and Ether, while prioritizing onshore digital asset custodians for asset security. The regulator is also seeking feedback on separate rules governing the qualifications of foreign digital asset custodians for mutual and private funds. Public consultation for both papers remains open through September 20.