Latest news with #Harvard-Trump
NDTV
03-07-2025
- Business
- NDTV
$1,000,000,000: This Is How Much Harvard Will Lose If Trump Okays Fund Cuts
New Delhi: Harvard University may lose up to $1 billion annually if US President Donald Trump goes ahead with his plans to cut research funding, tax policy and student enrollment, according to a new report in a leading American daily. An analysis of the worst-case scenario losses shows that America's oldest institution may have a budget deficit of over a billion dollars annually, should the impasse in the Harvard-Trump tussle prevail. According to The Wall Street Journal, a loss of $240 million in Endowment Fund, $700 million in research funding and $110 million in college, graduate school revenue puts the total number at over a million. Even though Harvard has a massive $53 billion endowment, which is still wealthier and more powerful than its peers, the university doesn't have much flexibility with that money. Much of the endowment is designed for specific purposes, such as some funds are allocated only for medical research, others for scholarships and some are locked in long-term investments. In addition to this, Harvard is a tax-exempt university. But with Trump's intention to take away the tax-exempt status and impose an 8 per cent tax on endowment, it could lose hundreds of millions of dollars a year. The US General Services Administration (GSA) on Tuesday asked all federal agencies to rethink their contracts with Harvard University and instead look for alternative businesses/companies for future endeavours. Harvard University has a higher percentage of international students, more than 7,000, who pay full tuition fees. With the Trump administration threatening to block the university from enrolling these students, it could reduce tuition fees. Since April, the US administration has taken away over $2 billion in research and education funding. With cuts to this, Harvard University might have to slash programs or departments, lay off professors or researchers, and reduce student scholarships. One of its major schools, the Kennedy School of Government, has started laying off employees and cutting down some of its departments or programs. The university has also started selling investments at a loss. They sold $1 billion worth of private equity investments at a 7 per cent discount. Katharine Meyer, an education policy fellow at the Brookings Institution, said that losing $100 million contract may seem small by itself, but if this keeps happening, the university won't be able to cover all the lost money from federal contracts, grants, and other income sources. She said, "This $100 million dollar contract pullback is certainly the smallest effort that we've seen, but I think the cumulative impact is hurtling toward a point where eventually Harvard does not have infinite funds to be able to fill in where they've lost federal contracts and grants and any other sources of their revenue." Over the last few months, the Trump administration has been at loggerheads with Harvard, particularly after anti-Israel protests over Benjamin Netanyahu's brutal war on Gaza and American support for what demonstrators called a genocide of Palestinians. The administration has also accused to varsity of giving safe space to people with antisemitic views. Karoline Leavitt, the White House Press Secretary, told reporters that Harvard had broken US civil rights laws. She said that if any organisation breaks federal law, like these civil rights laws, they should not be given federal funding, such as grants for research or education. The Trump administration has also removed Harvard University from its electronic student immigration registry. This is used to track international students studying in the US, so if a university is removed, then international students can't legally study there. The US has asked embassies to reject student visa applications of those looking to study at Harvard.
Yahoo
03-06-2025
- Business
- Yahoo
Live: Linda McMahon testifies about education budget in Senate hearing
(NewsNation) — Education Secretary Linda McMahon testified on Tuesday before a Senate subcommittee about the Trump administration's budget proposal and its effects on her department. President Donald Trump's 2026 budget request includes a 15% funding cut to the department. It allocates $66.7 billion to education, a $12 million drop from the previous year's discretionary budget authority. Student Loans: Ed Dept pauses plan to garnish Social Security checks The funding changes include a $1,000 slash to maximum Pell Grant rewards, a 35% funding cut for the Office of Civil Rights and reductions to other student aid plans. The School Superintendents Association has criticized the plan: 'The Administration preserved funding for priority programs such as IDEA and Title I in the proposal, but eliminated other crucial education funding, under the guise of efficiency.' Harvard-Trump court battle — and polarizing debate — continue When nominated and confirmed to her position, Trump tasked McMahon with putting herself out of a job as the administration works to shutter the Education Department altogether. In a March interview with NewsNation, McMahon said the department's end is not a 'turn off the lights and walk out of the department. It's with close consultation with Congress and looking how the needs of students can best be serviced.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
30-05-2025
- Business
- Yahoo
Are Trump's tariffs blocked? Where levies stand in legal saga
(NewsNation) — A slew of court rulings this week first blocked a majority of President Donald Trump's sweeping tariffs before allowing them to carry on, at least temporarily. On Wednesday, the U.S. Court of International Trade blocked Trump's tariffs on global trading partners, including additional taxes on Mexico, Canada and China. The White House immediately appealed the trade court's decision. A federal appeals court on Thursday ruled in the administration's favor, allowing those tariffs to continue. As of Friday, many of Trump's tariffs remained in place, though some were still blocked under a separate ruling issued by a federal judge in Washington, D.C. Small-business owners sue Trump administration over tariffs On April 2, Trump imposed 'Liberation Day' tariffs of up to 50% on countries with which the United States runs a trade deficit and 10% baseline tariffs on almost everybody else. He later suspended the reciprocal tariffs for 90 days to give countries time to negotiate trade agreements with the United States — and reduce their barriers to American exports. But he kept the baseline tariffs in place. Harvard-Trump court battle — and polarizing debate — continue Claiming extraordinary power to act without congressional approval, he justified the taxes under the International Emergency Economic Powers Act by declaring the United States' longstanding trade deficits 'a national emergency.' The court's Wednesday decision blocked those tariffs and questioned Trump's use of IEEPA. The court decided Trump's tariffs exceeded his authority to regulate imports under IEEPA and said trade deficits are not a national emergency. 'Regardless of whether the court views the President's actions through the nondelegation doctrine, through the major questions doctrine, or simply with separation of powers in mind, any interpretation of IEEPA that delegates unlimited tariff authority is unconstitutional,' the court's opinion said. Trump's tariffs on steel, aluminum and automobiles were spared from the court's rulings, as they were imposed under Section 232 — a 1962 law giving the president the power to take action when the Commerce secretary finds an import into the U.S. represents a threat to national security. Elon Musk departs Washington and DOGE The Court of Appeals for the Federal Circuit decided Thursday to temporarily allow Trump to continue collecting tariffs while it weighs his appeal to Wednesday's ruling. With another court decision looming and at least seven lawsuits levied against the IEEPA tariffs, Trump has turned to the Supreme Court. Trump has said he hopes the courts will ultimately rule in his favor, calling on the Supreme Court to weigh in on the U.S. Court of International Trade's decision, which he deemed 'horrible' and 'country-threatening.' In a social media post, Trump said his presidential title means he 'must be allowed to protect America against those that are doing it economic and financial harm. Regulators fell short after toxic derailment in Ohio, advocate says 'As far as we're concerned, our trade agenda is moving forward, and we've already heard from countries around the world today who will continue to negotiate in good faith with the United States so we can cut good trade deals on behalf of the American people,' said White House press secretary Karoline Leavitt. She said the administration 'fully' expects to win the case in court. The White House said trade negotiations are not stopping, no matter what happens in the courts. Leavitt said the phones are still ringing with nations across the globe trying to cut deals with the U.S. this week. NewsNation partner The Hill and The Associated Press contributed to this report. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
30-05-2025
- Business
- Yahoo
Small-business owners sue Trump administration over tariffs
(NewsNation) — A federal appeals court has reversed one of two rulings that block President Donald Trump's tariffs. A group of small-business owners sued the Trump administration over the tariffs, arguing that the president had overstepped his authority. The block was imposed by a New York-based court that handles trade cases before the block was lifted. Victor Schwartz, the owner of wine importer VOS Selections and one of the plaintiffs in the lawsuit, appeared on 'NewsNation Now' on Thursday to discuss the lawsuit and its impact on his business. Schwartz said the uncertainty surrounding tariffs has made managing his business 'very challenging.' Harvard-Trump court battle — and polarizing debate — continue Jeffrey Schwab, the attorney in the lawsuit, said the law Trump relied on to issue tariffs, the International Emergency Economic Powers Act of 1977 (IEEPA), does not allow the president to impose his 'Liberation Day' tariffs. He added that the stay on the tariffs is only temporary while the appeal is reviewed. 'I knew even though I was so elated over the win, I knew it was not over,' Schwartz said. Many of Trump's other tariffs remain blocked under a separate ruling made by a federal judge in Washington, D.C. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Mint
27-05-2025
- Business
- Mint
Vedanta's Anil Agarwal sees BIG opportunity for India amid ongoing Harvard-Trump row
Mining giant Vedanta's Founder and Executive Chairman, Anil Agarwal, in a social media post, flagged a big opportunity for India to create Harvards and MITs in the nation amid the ongoing Harvard-Trump row over revoking authority to sponsor U.S. visas for international students. 'Amidst global uncertainty, there is a big opportunity for India, beyond manufacturing. Higher education. More and more Indians want a world-class education. The West is closing its doors. The 800 Indian students at Harvard are facing this unfortunate circumstance,' said Agarwal in his post on LinkedIn. Emphasising the need for the nation's youth to pursue 'world-class education,' Anil Agarwal highlighted that India should build Harvards and MITs on a larger scale with global standards. 'We should create Harvards and MITs in India. Universities built on a large scale with global standards,' he said. Agarwal also said that India should focus on capturing this opportunity as other countries are letting go of their international students strength. 'Land should not become a constraint for building large Universities. The returns to society will be phenomenal. Let us seize this opportunity to be a leader in knowledge and research, occupy the space other countries are letting go of,' said Anil Agarwal in his post. Anil Agarwal also announced Vedanta's plans to launch an institution in Odisha for students from 'less privileged backgrounds' amid the ongoing foreign studies debate. The CEO also emphasised that the students will get full financial support from the institution to study in the non-profit digital-first university. 'Vedanta has a plan for one such institution based on the waterfront in Odisha near Puri. It will be a not-for-profit, digital-first university with the best faculty and students from India and abroad. Students from less privileged backgrounds will get full financial support,' said Anil Agarwal in his LinkedIn post. US President Donald Trump's federal administration revoked the Massachusetts-based, world-famous Harvard University's authority to sponsor U.S. visas for international students. The federal government revoked the University's ability to sponsor F and J visas for international students and scholars under the Student and Exchange Visitor Program (SEVP) after Harvard allegedly failed to comply with the Department of Homeland Security's request for information. The University condemned Trump's move and said it has filed a complaint and a motion for a temporary restraining order regarding the action. They also called the move 'unlawful and unwarranted,' according to an official email circulated from the office to the Harvard Alumni. 'Harvard did respond to the Department's requests as required by law,' said the University in the email, shared by Member of Rajya Sabha Raghav Chadha on the platform X. President Trump also highlighted his concerns how there are nearly 31 per cent of foreigners who are coming in to study at Harvard, and also claimed that the University refused to tell the federal government who the people are.
