This is for immigrant visas, H1-B is (for silly reasons) non-immigrant. This does close the path for green card for H1-Bs for now (alongside everyone else).

Fascism is the merger of corporate and government power. Powerful corporations utilize do not like this policy decision at all. Increasing costs of H1B means less workers who will work harder and cheaper than the market would bear if large amounts of immigrant labor were allowed in. So no, reducing immigrant labor is not a fascist move because it is not in the interests of powerful corporations and capital owners.