Zanny Minton-Beddoes

would have a net outflow.

And on the one hand, that is exactly what the president said he was going to do, you know, stop people coming in.

But that's a very big shock to the labor market.

And to understand the impact of that, I think it's worth separating two things.

The stop of low-skilled people, the people broadly coming across the southern border, and the much more unfriendly attitude towards higher-skilled people.

And if you remember just a few weeks ago, the administration suddenly announced that H-1B visas, which are the high-skilled visas,

would now henceforth, companies would have to pay $100,000 to get one of these visas.

So if we split those two up, low skilled immigrants coming across the border, you can argue about whether it was a good or bad thing.

And I'm not going into that here.

But what is certainly true is that there are a large number of industries in the US, particularly agriculture and construction,

where foreign workers, particularly, and many of them that in the US illegally, were a huge part of the workforce.

I mean, the estimates suggest it's, I think, you know, as high as 50% in agriculture and 25% in construction.

You know, that's a big hit.

If suddenly, the sort of pipeline of those workers is

is cut off.

And because of the aggressive actions of ICE, of the Immigration and Enforcement Agency, you are seeing a lot of people very worried and very worried about going to work in those communities.

So it's hitting poorer Americans.

The other impact on

at the top end of the labor market, I think is a much more medium to long-term impact.

But there are, in certain areas, take AI, for instance.