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How early is too early to ask for a raise?
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It’s hard to negotiate now because the company knows they can save 33% on your salary. Employment equity is important, but they’d rather not pay if they have to.
Either you would need to come to them with a competitive offer letter and say “I want to stay here but another company is offering me more” or wait until the performance cycle.
The problem too is right now US companies want to pay as little as possible. They have more budget available during performance cycles. But you also shouldn’t be underpaid if you can find another job for more money.
Personally I’d look for a new job and leave - it speaks to how the company operates and how they value you.