Harvard Warns Federal Actions Could Cost $1 Billion Annually

Harvard University President Alan Garber and other senior administrators warned that federal actions by the Trump administration could cost the university up to $1 billion annually. These actions include the termination of over $2 billion in multi-year research grants, a significant tax hike on Harvard's endowment, and efforts to restrict international students. In response, Harvard has implemented a hiring freeze for faculty and staff, announced painful layoffs, and instructed all units to cut expenditures and make strategic financial adjustments. The university continues its legal battle against these federal measures, hoping to reverse some decisions while preparing for long-lasting financial impacts. The Trump administration has cited concerns including antisemitism and political bias as reasons for its actions, contributing to ongoing tensions with one of the nation's oldest and wealthiest institutions. Harvard emphasized its commitment to its core mission of teaching, learning, and research despite the unprecedented challenges it faces.