US President Donald Trump, during his first Cabinet meeting on Wednesday, expressed confidence that the newly introduced Gold Cards would be a major success.
“Maybe it will sell like crazy. I happen to think it’s going to sell like crazy. It’s a bargain,” Trump stated. When asked about the initiative, he jokingly remarked, “I hope you liked it.”
Trump emphasized that the U.S. immigration system has not been properly managed or monetized. He highlighted the difficulties faced by companies in hiring talented foreign graduates due to visa uncertainties.
“Well, not so much monetized. It hasn’t been properly run. I get calls from companies where they want to hire the number one student at a school. A person comes from India, China, Japan—lots of different places—and they go to Harvard, the Wharton School of Finance, Yale, all great schools, and they graduate number one in their class. They receive job offers, but those offers are immediately rescinded because you have no idea whether or not that person can stay in the country,” Trump explained.
To address this issue, Trump introduced the Gold Card system, allowing companies to purchase a Gold Card to facilitate recruitment and retain foreign talent.
“I want to be able to have that person stay in the country. These companies can go and buy a Gold Card and use it as a matter of recruitment. At the same time, the company is using that money to pay down debt. We’re going to pay down a lot of debt with that, and I think the Gold Card is going to be widely used,” he said.
Additionally, Trump stated that businesses operating within the U.S. would be exempt from tariffs, while those outside the country would be required to pay them.
“If you’re in the country, there is no tariff. If you’re out of the country, you got to pay tariffs. And that’s going to be a great investment,” Trump added.
He further explained that the initiative aims to attract productive individuals who can contribute to the economy. He asserted that individuals investing USD 5 million through the Gold Card program would generate employment opportunities and contribute to reducing the national debt.
“We want people that are productive. I will tell you, the people that can pay USD 5 million—they’re going to create jobs. They’re going to spend a lot of money on jobs. They’re going to have to pay taxes on that too, so they’re going to be hiring people, bringing in companies,” he said.
According to the latest US Treasury fiscal data, the federal government currently holds USD 36.22 trillion in national debt.