While this sounds like great news for Americans, it's all smoke and mirrors that will have little effect on the millions of Americans laid off right now. This executive order only affects the issuance of new H1B visas until the end of the year. The year is already half over, and most of those visas have already been issued. This affects a handful of foreign workers at most. Most importantly, the 500,000+ visa holders already in the US get to stay here and keep the jobs they already took away from US workers.
And there's no reasonable expectation that big companies will even follow the new rules. They use immigration law firms such as Berry Appelman Leiden LLP in Houston to ignore the visa rules and keep H1Bs on the payroll despite job applications from more-qualified US citizens.
What's one way that big tech companies commit visa fraud? The law says that when a H1B visa comes due for renewal, a job posting for the position must be made publicly, and if a qualified American citizen applies for it, they must be hired instead of the H1B visa holder, and the visa is not renewed. Companies get around this by posting the job ads in places that are technically "public," but nowhere a real job candidate would ever find them, such as in the classifieds section of obscure industry journals like the International Journal of Human-Computer Interaction. Or, as Amazon does, in the classifieds of the printed version of the Seattle Times Sunday edition. The printed classifieds are full of job ads from Amazon and other tech companies. The catch is that to apply for them, you have to mail in a printed application to a P.O. box. Does anyone seriously believe there's a person opening envelopes and reviewing printed resumes that landed in a P.O. box like it's still 1972? Of course not. This is simply a way to make it impossible for a qualified American citizen to apply for one of these jobs already held by an H1B visa holder, because the company has no intention of giving up that visa. Or, they will instruct a manager to print out a job posting and discreetly post it on a company bulletin board in a break room, right next to the government notices about minimum wage that nobody reads.