A new executive order signed by Donald Trump has raised the application fee for the popular H-1B visa program for skilled foreign workers to $100,000 annually—a dramatic increase from the previous average of $1,500. The order argues that the program has long been abused, negatively affecting American jobs. However, business leaders including Elon Musk countered that the H-1B system attracts top global talent critical to U.S. innovation. Alongside the hike, Trump introduced a new “Gold Card” program, allowing certain immigrants to fast-track visas by paying fees starting at £1 million. U.S. Commerce Secretary Howard Lutnick defended the move, saying, “Big companies have agreed, and now it’s time we train our own youth.” Legal experts, however, warn the move could be devastating for startups and small businesses. Immigration attorney Tahmina Watson described it as “the final nail in the coffin” for many. Analysts predict the sharp increase will disproportionately affect Indian applicants, who make up the majority of H-1B recipients.