Counting the costs of Trump’s immigration crackdown

This episode of the FT News Briefing investigates the economic and social fallout of President Donald Trump's aggressive immigration crackdown, focusing on the impact of ICE raids and deportations across key U.S. industries. Reporting from the Rio Grande Valley in South Texas, journalist Guy Chazan reveals how construction firms are facing project delays, loan extensions, and eroded profit margins due to the sudden removal of undocumented migrant workers—many of whom are skilled laborers essential to the sector. The crackdown, justified by the administration as a way to boost job opportunities for American workers without college degrees, is met with skepticism by industry leaders who argue there is no viable domestic replacement for these workers. The ripple effects extend beyond construction to agriculture and hospitality, with studies suggesting a potential $10–40 billion drop in immigrant consumer spending and broader inflationary pressures. Despite initial political support from some voters, growing public unease—especially over aggressive raids in cities like Minneapolis and the detention of children—has led to voter regret, even among former Trump supporters. The episode underscores how immigration policy is not just a political issue but a critical economic one with lasting consequences for growth, wages, and national productivity.