The Trump administration last Friday announced a new $100,000 annual levy on H-1B visas, which allow 85,000 skilled foreign workers to enter the U.S. each year. The fee applies to companies hiring these workers, primarily in tech.

Veteran venture capitalist Michael Moritz isn’t having it. In a new, scathing Financial Times op-ed , the former Sequoia Capital honcho compares the White House to Tony Soprano’s pork store, calling the move another “brutish extortion scheme.”

Moritz argues that Trump fundamentally misunderstands why tech companies hire foreign workers, saying it’s about skills and filling labor shortages, not replacing Americans or cutting costs. The policy will backfire, he warns, by pushing companies to relocate work to Istanbul, Warsaw, or Bangalore instead of keeping i

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