One of the global secular trends unfolding right now is an anti-immigration streak in politics. It’s winning elections and that looks set to continue in Germany and Canada in 2025, among elsewhere.

For the US, Goldman Sachs notes that net US immigration has already fallen from 3 million in 2023 to a 1.75 million pace this year. They expect it to fall further to 750K per year, moderate below the pre-pandemic average of 1 million.

These are small numbers in a country of 335 million but what’s less clear is how many illegal immigrants are in the country and how many might be deported under Trump.

h/t @Mike Zaccardi