New Delhi, Sept. 21 -- Following months of tariff pains on goods exports, rumours had been circulating that something similar was being planned for services as well. The HIRE (Halting International Relocation of Employment) Act proposed a 25% tax on payments made for services outsourced by the US. That has not gone through yet, but the fears have materialized elsewhere.

This Friday, US President Donald Trump issued the broad strokes of a diktat to raise the fees for H-1B visas from $7,000-10,000 to an eyewatering $100,000. This was clarified later to be a one-time fee payable at the time of the petition, rather than being an annual fee. For a three-year visa, this would amount to $33,333 a year.

Speculation was rife that renewals could ...