Yeah it's even worse than that. These big cos will be incentivized to move whole teams out of the US since it will be easier to hire from other countries for offices in Paris / Zurich / Warsaw / etc.

Isn't that already the case, though? Offshoring has been a thing for decades, but companies clearly prefer to have employees on site, in the US, if possible.

Yes, this new fee will make that more expensive to do, but I'm not convinced it will no longer be worth it for most companies.