s·CEO DailyThe immigration crackdown is ‘much, much worse’ for than tariffs, some CEOs sayBy Diane BradyBy Diane BradyExecutive Editorial Director, Fortune Media and author of CEO DailyDiane BradyExecutive Editorial Director, Fortune Media and author of CEO DailyDiane Brady is an award-winning journalist and author who has interviewed newsmakers worldwide and often speaks the global landscape.
As executive editorial director of the Fortune CEO Initiative, she brings together a growing community of global leaders through conversations, content, and connections.
She is also executive editorial director of Fortune Media and interviews newsmakers for the magazine and the CEO Daily .SEE FULL BIO Customs and Border tection agents stand outside a U.S.
Immigration and Customs Enforcement facility during a test in Portland, Ore. Jenny Kane—AP PhotoIn today’s CEO Daily: Diane Brady on what CEOs are saying the immigration crackdown.
The big story: Hamas has begun releasing hostages to Israel. The : U.S. futures are strongly up, premarket. Plus: All the news and watercooler chat from Fortune.
Good morning from Washington, where we are to commence the Fortune Most Powerful Women Summit. You can read more our headliners here and join us via .
When I speak with IMF Managing Director Kristalina Georgieva this afternoon, I’ll be curious to hear not only her gnosis for the economic landscape but also her reflections on leading an organization devoted to globalization in a world that’s putting up walls.
While we all wait to see what’s next on tariffs, the shutdown, the Gaza ceasefire, and more, let’s consider the impact of a policy that remains unchanged: the immigration crackdown.
As an “essential” service, Immigration and Customs Enforcement (ICE) is largely unaffected by the shutdown and its deportations are unly to cease any time soon.
This past week, several CEOs privately d the impact that they’re already seeing in their es. Fewer Customers.
From the travel operator who told me the immigration crackdown is “much, much worse” for their than tariffs to the manufacturer who said sales of their ducts are down by double digits in some southern states, concern immigration action is causing some people to stay away or stay .
South Korea’s LG and other foreign firms have put limits on travel to the U.S. after workers on temporary visas were detained earlier this year.
The number of international students arriving in the U.S. in August fell 19% over last year, which means billions less in spending. Less ductivity. This manifests itself in several ways.
There is the obvious challenge in terms of the shortfall of workers in industries agriculture, which could soon lead to food shortages and higher prices, according to the Labor Department.
But companies that don’t have an issue with undocumented workers are facing the friction of having employees pulled aside by ICE officials.
One CEO told me that these checks are costing his company millions in delays and lost ductivity. More Fear. A cousin who is legally working in the U.S.
told me that he’s reluctant to travel, even domestically, for fear that ICE officials might find something amiss with his paperwork.
I thought he was being paranoid until a financial services executive told me last week that he’s seeing employees who are working here on visas act in a similar way.
What’s more, he added, “some of our foreign-born customers are worried being cut off from their bank accounts or credit cards.” Assurances don’t help: “They know we’re as much in the dark as they are.” What the argument that ICE raids will create jobs for American workers?
“Maybe some day,” this executive said, “but right now, the disruption is hurting everyone.” CEO Daily via Diane Brady at diane.brady@fortune.comTop newsHamas began releasing hostages to Israel Twenty living hostages are set to be released from Gaza today along with the corpses of others that Hamas kept throughout the war.
President Trump is in Jerusalem today and is set to address the Israeli parliament.
coverage from the BBC here.Trump again threatens to send Tomahawks to UkraineThe long-range missiles would allow Kyiv to conduct deep, long-range strikes into Russia.
“I might have to speak to Russia Tomahawks. Do they want to have Tomahawks going in their direction? I don't think so. I told that to President Zelensky, because Tomahawks are a new step of aggression.
I might talk to [Putin]," Trump said, according to Axios. "I might say, 'Look, if this war is not gonna get settled I may send them Tomahawks.' Russia doesn't need that.
I think it is appriate to bring that up.”Poland prepares for war with RussiaPoland, increasingly annoyed by Russian aggression in Ukraine and by Moscow flying military drones in its airspace, is bidding to become the NATO country with the largest military in Europe.
It spends 4.7% of its GDP on defense and is the biggest buyer of U.S. arms. “This is our war,” Polish Prime Minister Donald Tusk has said.
“We decided to arm Poland and modernize the Polish army on a massive scale.”Trump and Vance soften their tone on ChinaAfter ramping up the trade war rhetoric on Friday—threatening new, 100% tariffs on China in response to China’s export controls on rare earth materials—the White House signalled it was ready to talk over the weekend.
Vice President JD Vance said the U.S. was “willing to be reasonable,” and Trump posted on Truth Social, “Don’t worry China, it will all be fine! Highly respected President Xi just had a bad moment.
He doesn’t want Depression for his country, and neither do I. The U.S.A.
wants to help China, not hurt it!!!”Former White House advisor rings alarm on China’s rare earth export controlsFormer White House advisor Dean Ball warned that China’s new controls on rare earth exports “gives it the power to forbid any country on Earth from participating in the modern economy” in an X post over the weekend.
Ball, who served as a senior advisor in the White House Office of Science and nology Policy earlier this year, also noted that “they can do this because they diligently built industrial capacity no one else had the fortitude to build.”Tariff-related stimulus checks “could kind of be a weird back loop” National Capital analyst Chris Motola told Fortune that tariff-related stimulus checks sent for Americans posed by President Donald Trump “could kind of be a weird back loop where the tariff stimulus justifies passing on more tariff costs.” That’s unless this month’s inflation or jobs reports point in the right direction, in which case the checks could “start looking a lot better and less inflationary.”The new browser war The emergence of AI-powered engines Google’s Gemini and Perplexity are reminiscent of the browser wars of the late 1990s.
This time around, the winner will be the platform that integrates AI features seamlessly without jeopardizing privacy.The S&P 500 futures were up 1.37% this morning.
The index closed down 0.28% in its last session. STOXX Europe 600 was up 0.46% in early trading. The U.K.’s FTSE 100 was up 0.2% in early trading. Japan’s Nikkei 225 was down 1.01%.
China’s CSI 300 was down 0.5%. The South Korea KOSPI was down 0.72%. India’s Nifty 50 was down 0.28% before the end of the session.
Bitcoin was down to $115.4K.Around the watercoolerBen Horowitz and Raghu Raghuram on AI, , and the questions they don’t have easy answers to by Allie GarfinkleU.S.
troops are going to Israel to support the Gaza ceasefire, but JD Vance vows no ‘boots on the ground’ by Jason MaGen Z coder rejected by the Ivy League despite founding a $30 million app says college is ‘not worth it for most people’ by Jessica CoacciAdobe exec says the $141 billion software giant embraces candidates who use AI to apply for jobs—because they’re the people ‘creating the future’ by Emma BurleighCEO Daily is compiled and edited by Joey Abrams and Jim Edwards.
This is the web version of CEO Daily, a of must-read global insights from CEOs and industry leaders. to get it dered free to your inbox.