If the U.S. follows the same rules, I would be screwed. I have Utorrent and I have been using it for about 2 months. It would affect the U.S. because a lot more people would not be able to get these free downloads for entertainment purposes because of the economy. But, however, artists, authors and musicians would be getting more money because there would be no illegal pirating and everybody would get the money they deserve.
Intellectual Property is a person's creation. If somebody gets it from trafficing, the creator loses money. It is important because it is a person's creation and they should be able to get eh money they worked for it.
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