Graduate Management Admission Council data show a dramatic decline in U.S. market preference among non‑U.S. candidates: by December 2025, 40% of international graduate management candidates said they were less likely to study in the United States under the current administration. Schools reported steep drops in new international enrollments—19% overall and up to 45% from India—driven by visa delays, travel restrictions and political uncertainty. Business‑school leaders warn the trend threatens revenue, campus diversity and the global pipeline for research collaborations and talent. Programs are intensifying outreach to alternative markets and retooling admission and financial‑aid strategies to stabilize international yields.