Vanishing immigration is the ‘real story’ for the economy and a bigger supply shock than tariffs, analyst says

(Credit: Christopher Dilts—Bloomberg/Getty Images)

• Protests over ICE raids in the Los Angeles area this weekend highlight the crackdown on undocumented workers at businesses and the overall impact of immigration, legal or otherwise, on the economy. The collapse in immigration represents a bigger negative supply shock than President Donald Trump’s tariffs do, Deutsche Bank said.

President Donald Trump’s mobilization of California National Guard troops to protect immigration officers from protesters highlights his crackdown on undocumented workers and the economic impact of a sudden drop in labor supply.