Trump to replace EB-5 immigrant visa program with 'gold card' system

In the U.S.

A new visa program is in the works.

The so-called "Trump gold card" will offer green card privileges and a path to U.S. citizenship at a price of five million dollars.

Our Choi Min-jung has more.

U.S. President Donald Trump plans to terminate the EB-5 immigrant investor visa program.

Trump said Tuesday,. that the EB-5 program,. which grants permanent residency to foreign nationals promising to invest in American businesses, will be replaced by a "gold card" system.

This new pathway to citizenship would allow individuals to purchase residency for 5 million U.S. dollars.

"And wealthy people will be coming into our country by buying this card. They'll be wealthy and they'll be successful and they'll be spending a lot of money and paying a lot of taxes and employing a lot of people. And we think it's going to be extremely successful."

Trump said the new program could start in about two weeks.

U.S. Commerce Secretary Howard Lutnick explained that the measure was introduced because the cost of investment for the EB-5 program was too low at around 1 million dollars for investors that create at least 10 jobs.

"It was full of nonsense, make-believe, and fraud. And it was a way to get a green card that was low priced. So the president said rather than having this sort of ridiculous EB-5 program, we're going to end the EB-5 program, we're going to replace it with the Trump gold card."

Trump has also initiated a probe that could result in tariffs on copper imports.

On Tuesday, Trump instructed the Department of Commerce to examine copper imports, and if the probe uncovers evidence of dumping, the administration could impose tariffs or quotas in response.

Trump's decision is part of his broader effort to expand his protectionist trade policies.

In 2018, he used a similar investigation to justify tariffs on steel and aluminum imports and plans to bring them back next month.

Lutnick said Tuesday, that "it is time for copper to come home," arguing that foreign competition has severely weakened the American copper industry, just as it did with steel and aluminum.

Copper is vital for numerous industries, including defense, with the U.S. importing 45 percent of its supply, mainly from Chile and Canada.

Although the U.S. was once the world's top copper producer, it now ranks fifth.

Choi Min-jung, Arirang News.