Harvard University announced on Monday that it is suing President Donald Trump's administration to stop a freeze on billions of dollars in funding.
The lawsuit, filed in federal court, accuses the Trump administration of an unconstitutional campaign to “punish Harvard for protecting its constitutional rights", according to the university's newspaper, The Crimson.
The Trump administration withheld funding from Harvard, Columbia and other universities in response to their tolerance of pro-Palestinian demonstrations, in what it has described as a failure to control anti-Semitism on campus.
“The trade-off put to Harvard and other universities is clear: allow the government to micro-manage your academic institution or jeopardise the institution’s ability to pursue medical breakthroughs, scientific discoveries and innovative solutions,” Harvard’s lawyers wrote in the Monday filing.
Harvard last week rejected demands for control of its student body, faculty and curriculum, saying that would give up control of the university to government.
Within hours of Harvard taking its stand, the administration announced it was freezing $2.3 billion in federal funding and the next day threatened to strip the university of its tax-exempt status. The Wall Street Journal reported that the administration planned to strip another $1 billion in funding from the university.
In a letter sent by the Department of Health and Human Services Office for Civil Rights to Harvard, which the university released to the public, the Trump administration made demands including that the agency be sent any reports written by the university’s anti-Semitism task force, any drafts of those reports, and the names of anyone involved in “preparing and editing the report".
"Over the course of the past week, the federal government has taken several actions following Harvard’s refusal to comply with its illegal demands," university president Alan Garber said in a statement. "Moments ago, we filed a lawsuit to halt the funding freeze because it is unlawful and beyond the government's authority."
He said research at risk by the funding cuts includes work into childhood cancer, infectious disease outbreaks and easing the pain of soldiers wounded in battle.
"The consequences of the government’s overreach will be severe and long-lasting,” Mr Garber said.
The Trump administration's decision to cut funding to Harvard follows $400 million cuts to Columbia University in New York over accusations that the institutions tolerated anti-Semitism on campus.
Columbia ultimately agreed to a list of demands, including banning face masks on campus, empowering security officers to remove or arrest people, and taking control of the department that offers courses on the Middle East from its faculty, in a bid to restore funding.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
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