JUST AS THE AGING DEMOGRAPHIC IS FATAL TO NATIONALISM...:

CNBC's Kelly Evans is joined by the Wall Street Journal's Gerald Seib to break down the rise of President Donald Trump, and what the party may look like post Trump.

From an economic perspective, perhaps Trump's biggest faux pas has been his intense focus on reducing immigration. According to the National Foundation for American Policy, immigration will have fallen by half since 2016 by fiscal year 2021 -- and while COVID-19 has certainly worsened this trend, the fact remains that the Trump administration had reduced legal immigration well before the current crisis.

Broadly, reducing immigration slows down economic growth. In fact, certain policy measures (such as suspending H1-B and other work visas until the end of the year) will directly interfere with specific economic nationalist goals of the Trump administration -- such as creating jobs for Americans, bringing jobs back from China, and ensuring that high-tech and manufacturing firms headquarter in the United States.

Keeping high-skilled immigrants out of the country, for instance, will lead tech companies to relocate their operations where the best workers are rather than create jobs in the United States. A recent paper from the National Bureau of Economic Research found that restrictions on H1-B immigration predominantly led to the offshoring of jobs to countries such as Canada, India, and China. Research from Georgetown has shown that Canada is increasingly pulling highly skilled workers away from the United States.

There are practical, real-world examples of this. Duolingo, a tech company currently headquartered in Pittsburgh, is considering moving to Toronto thanks to the suspension of the H1-B program. That's bad for American workers -- after all, only 20 percent of Duolingo employees are on some form of visa. This move from the Trump administration would cost a city recovering from the decline in manufacturing employment its first billion-dollar startup.

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