Assuming an "American first" policy, this is ironically in a way very much the opposite since only refugees are being cut. People coming for work is going to be the same under this.
In fact this bill would probably not hit the senate floor at all [1]. It has too much opposition from Republicans whose states would collapse under the bill and Republicans that want an actual decrease in immigration. Democrat opposition is a given as well.
(1)https://www.realclearpolitics.com/articles/2017/08/02/trump_...