Wall Street Is Getting Worried About Trump’s Immigration Policy

Good morning. It’s shaping up to be a busy summer for the world’s wealthiest. Having celebrated the wedding of Jeff Bezos and Lauren Sánchez earlier this month, the likes of Sam Altman and Andy Jassy are in the same vicinity once again for the annual Allen & Co. Sun Valley Conference in Idaho — known as “the summer camp for billionaires.”

The conference has become known for the deals struck between rounds of golf, guided hikes, and tennis matches. Here’s who has been spotted arriving.

In today’s big story, how US President Donald Trump’s immigration crackdown is reshaping the financial industry.

What’s on deck

Markets: Goldman Sachs’s sunny forecast isn’t being clouded by Trump’s renewed tariff threats.

Tech: The AI coding tools engineers use the most.

Business: Three new cable channels are looking for new buyers.

But first, things are different now.

If this was forwarded to you, sign up here.

The big story

Trump’s policies hit Wall Street

Border security holdups. A protracted dealmaking downturn. Companies abroad poaching top US talent.

These aren’t the intended consequences of Donald Trump’s immigration policies, but they are real concerns among lawyers, investors, and C-suite leaders.

BI spoke with experts across the financial world about how Trump’s immigration crackdown could reshape daily life in the industry — and what might be next.

Dealmaking: US immigration policy is becoming a key consideration in mergers and acquisitions. Before signing off on a deal, more firms are digging into immigration compliance, said Ted Chiappari, a partner and the head of immigration at Duane Morris.

One major checkpoint: ensuring all employee I-9 forms are properly completed — a federal requirement that verifies a worker’s identity and authorization to work in the US.

“They’re concerned because that really affects the viability of the business if they end up losing 25% of their workforce or end up having to pay a lot more money to find replacements,” he said.

Travel: Even seasoned global investors are feeling uneasy about crossing US borders.

“I know I’m taking a personal risk, but I’m putting myself out there. If they say I can’t come in, then I can’t come in. So be it,” said Mark Dowding, a British citizen and chief investment officer of RBC’s BlueBay unit. He said he worries that his weekly note — which has occasionally been critical of Trump’s policies — could contribute to him being denied entry to the US.

The anxiety has given rise to a new kind of travel preparation: how to talk to border agents.

“We have seen a lot more efforts to educate as to what should be said or what can be done,” said Chiappari.

For example, a professional flying in for a meeting or conference may technically be working, but because they’re not “producing something in the US,” describing the trip as “work” can trigger unnecessary complications at the border.

“We generally avoid the W word,” Chiappari said.

Hiring and staffing: The world is watching — and waiting to pounce. Rivals abroad view the US’s immigration crackdown as a poaching opportunity.

Danny Yong, the chief investment officer of Dymon Asia, said his firm is targeting immigrant portfolio managers based in the US who might be interested in returning home.

3 things in markets

1. Welcome to the Million Dollar Sellers club. What started as a Facebook group for private-label sellers is now an exclusive club for 700 Amazon sellers and e-commerce entrepreneurs who bring in $1 million in annual revenue. MDS members pay an annual fee of $7,497 and attend live events that feel like stepping into a rock concert, writes BI’s Kathleen Elkins.

2. Goldman Sachs isn’t sweating Trump’s newest tariff threats. The bank thinks stocks can power past a trade war to new highs, thanks to a potential combination of catalysts like strong earnings, Fed rate cuts, and lower bond yields. It sees the S&P 500 climbing 11% in the next 12 months.

3. Workplace vibes are worse than ever. A recent survey from Glassdoor found that worker sentiment is at its lowest level in nine years. It attributed the decline to a cooling job market and growing economic anxieties.

3 things in tech

1. Grok 3 gets an inflammatory update. Days before Grok 4’s launch, Elon Musk’s “anti-woke” chatbot blamed DOGE for the deadly Texas floods and shared an antisemitic trope in several responses to X users. On Tuesday, it took an extreme turn and went on an antisemitic rant. The comments came after xAI tweaked Grok’s guidelines to encourage the bot not to shy away from “politically incorrect” claims.

2. Engineers <3 these AI coding tools. Jellyfish, which helps companies manage software development, asked engineers which AI coding services they use most. Microsoft’s GitHub Copilot, Amazon Q, Cursor, and Google’s Gemini Code Assist all fell near the top. It indicates a future where software engineers and AI systems could co-create the next generation of digital products, writes BI’s Alistair Barr.

3. Elon Musk claps back at Wedbush analyst Dan Ives. Ives said on X and in a note that Tesla’s board needed to create “ground rules” for Musk after the CEO said he’d establish a new political party. Musk’s response? “Shut up, Dan,” he wrote on X.

3 things in business

1. New York City’s business leaders gear up to meet Zohran Mamdani. The Democratic nominee for NYC mayor is set to meet more than 100 CEOs in a series of closed-door meetings next week, BI exclusively reported. Mamdani rattled the business community when he defeated Andrew Cuomo in the Democratic mayoral primary; now, he’ll have a chance to court them.

2. Lifetime, A&E, and the History Channel get a “For Sale” sign. Disney and Hearst, who co-own the A&E cable group, are joining the ranks of Warner Bros. Discovery and Comcast as it looks to get rid of its cable TV channels. Cable TV networks are declining, but they still generate profits. The trick is figuring out what to do with them, BI’s Peter Kafka writes.

3. Did Costco actually rip off Lululemon? An apparel designer doesn’t think so. Joe Ng, the CEO of Shift Fashion Group, compared the pants that Lululemon accused Costco of copying in a lawsuit last week. Ng sided with the warehouse, saying it used common design elements.

In other news

What’s happening today

• Federal Open Market Committee meeting minutes published, with a summary of quarterly economic projections made by Federal Reserve Board members and Reserve Bank presidents also included.

• Samsung holds Galaxy Unpacked event featuring new product launches.

  ---

  Hallam Bullock, senior editor, in London. Akin Oyedele, deputy editor, in New York. Grace Lett, editor, in New York. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave).