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It seems that culturally both the US and UK will suffer. On top of coronavirus COVID-19 that has made travel more difficult, you have the increased visa fees. Even if you can obtain a US visa, there will be self-isolation requirements after you come back home for some time to come.
The Government still seems to want to keep overseas Tier 4 visa students in the immigration figures and wants to increase the numbers entering the UK, which will affect UK net migration figures.
Trump won the US presidential campaign the last time in 2016 at least partly thanks to a promise to have tough new immigration controls. It remains uncertain whether Trump will win the November Presidential elections this time round. Joe Biden has a consistent lead. Then again. Many people did not think that Trump would win last time!
The main benefit for visa applicants under the new Tier 4 visa student route is the ability to apply under the new post-study work visa. This will enable international students to live and work in the UK after their studies for two years in most cases, and for PhD students for up to three years.
It has in the past been suggested that actually, overall, Chinese students are good for the US economy. Eric Schmidt who was the Google CEO for many years and now runs two Pentagon advisory boards, has at times had concerns about Chinese students in the US and other times praised them.
It should be easy and straightforward for EU citizens to gain residence status in the UK. Perhaps the Government should consider reducing the residence requirements for settled status from five years to two years, and make other changes to make it easier. There are concerns that too many settled scheme applications are being refused for no good reason.