The Trump Administration’s Latest Crackdown on Legal Immigration

Key takeaways

The US banking sector shows resilience with lower credit card delinquency rates, but consumer debt remains a concern as lawsuits increase, indicating ongoing financial stress among Americans.
New regulations limiting international student visas to four years could significantly impact international students and US companies that rely on their talent, especially in tech and finance sectors.
The approval of Merck's Lipfendra offers a promising advancement in cholesterol treatment, with potential to improve heart health considerably.
Environmental issues caused by Canadian wildfires are affecting air quality in the US, highlighting the broader impacts of climate change.
Legal trends are evolving with prenups increasingly including clauses to safeguard stay-at-home parents' financial interests, reflecting changing societal values on marriage and divorce.

Summary

US Financial and Market Updates

The episode covers a wide range of financial news, including the health of US banks as indicated by lower delinquency rates on credit cards, contrasted by a rise in debt collection lawsuits across several states, highlighting ongoing struggles with debt and inflation among Americans. Additionally, stock markets showed declines, especially in tech stocks like SpaceX and the NASDAQ, while Netflix reported increased profits. The episode also notes recent developments in the energy sector, including rising diesel prices and investment interest in Iraqi oil fields, amid geopolitical tensions and supply disruptions.

U.S. Immigration Regulations and International Politics

A significant regulatory change was announced which caps the duration of student visas at four years, creating uncertainty for international students, especially those in graduate or PhD programs that typically exceed that duration. This rule could impact the optional practical training (OPT) program and is part of broader efforts by the Trump administration to limit legal immigration. Additionally, Iran has released an American citizen, Dina Karari, amid ongoing tensions and US military activities involving Iran, notably in the Strait of Hormuz.

Health and Social Developments

The episode reports on the FDA's approval of a new cholesterol-lowering drug, Lipfendra, from Merck, which could significantly reduce bad cholesterol levels and prevent heart attacks and strokes, with expected sales surpassing $5 billion. Environmental concerns are also discussed, with smoke from Canadian wildfires causing hazy skies and poor air quality in parts of the US, with the situation potentially improving by Saturday.

Legal and Personal Finance News

The episode discusses the rising trend of prenups including provisions to protect stay-at-home parents, particularly related to financial support post-divorce. It emphasizes the importance of such clauses to prevent disparities in asset division and alimony, especially after long marriages where one parent may have sacrificed earning potential for caregiving.

Show notes

P.M. Edition for July 16. A new regulation from the Trump administration will cap student visas to a maximum of four years, and require extensions to stay longer. Journal immigration reporter Michelle Hackman gets into how big a change this is and what students—and U.S. companies—will be most affected. Plus, Chevron says it plans to explore how to help Iraqi oil bypass the Strait of Hormuz. And a new report from the Pew Charitable Trusts shows that debt collectors took more debtors to court last year. We hear from WSJ economics reporter Dan Frosch about what that suggests about the health of the U.S. consumer. Alex Ossola hosts.

Sign up for the WSJ's free What's News newsletter.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.