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Trump to replace EB-5 immigrant visa program with 'gold card' system
💬The U.S. is set to end the EB-5 immigrant investor visa program, replacing it with a new "gold card" system that offers a pathway to citizenship for 5 million U.S. dollars.
Choi Min-jung has more.
U.S. President Donald Trump plans to terminate the EB-5 immigrant investor visa program.
Commerce Secretary Howard Lutnick announced on Tuesday,. that the, quote, "low-priced" EB-5 program,. which grants permanent residency to foreign nationals promising to invest in American businesses, will be replaced by a "gold card" system.
This new pathway to citizenship would allow individuals to purchase residency for 5 million U.S. dollars.
"We're going to make sure they're wonderful world class, global citizens. They can come to America the president can give them a green card and they can invest in America, and we can use that money to reduce our deficit.”
Trump has also initiated a probe that could result in tariffs on copper imports.
On Tuesday, Trump instructed the Department of Commerce to examine copper imports, and if the probe uncovers evidence of dumping, the administration could impose tariffs or quotas in response.
Trump’s decision is part of his broader effort to expand his protectionist trade policies.
In 2018, he used a similar investigation to justify tariffs on steel and aluminum imports and plans to bring them back next month.
Lutnick said Tuesday, that "it is time for copper to come home,” arguing that foreign competition has severely weakened the American copper industry, just as it did with steel and aluminum.
Copper is vital for numerous industries, including defense, with the U.S. importing 45 percent of its supply, mainly from Chile and Canada.
Although the U.S. was once the world's top copper producer, it now ranks fifth.
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