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"Trump threatens Harvard to revoke its tax-exempt status."

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Russ Roberts (https://trendsingeopolitics.blogspot).

 

Good afternoon. Here’s what you should know today, April 15: Boeing is getting hit from all sides in Trump’s trade war Bank trading desks are minting money from the tariff chaos Finding staff for a superyacht is a job in itself By Zlati Meyer Thanks for reading What’s News! Look for the 🔐 to enjoy a free article on us—and share the link with a friend (or forward the whole newsletter!). The campus of Harvard University, which is pushing back against demands from the administration. PHOTO: MICHAEL CASEY/ASSOCIATED PRESS 1. President Trump threatened to revoke Harvard’s tax-exempt status. The warning on social media escalates a feud over antisemitism concerns and academic freedom at the nation’s wealthiest university. Trump pointed to the Ivy League school’s resistance to his administration’s demands (🔐 read for free) to change its governance structure as the reason. The U.S. government yesterday threatened to freeze $2.26 billion of Harvard’s grants and contracts and earlier warned it would withhold nearly $9 billion from the school and its affiliated hospitals. Harvard’s stance marks the most significant pushback since the administration began pressuring U.S. schools earlier this year. Behind the moves to reform universities is a group of little-known bureaucrats. 2. Beijing officials told Chinese airlines not to place new orders for Boeing jets, according to people familiar with the matter. The carriers also must get approval before taking delivery of already-ordered aircraft. The moves add new pressure to the struggling plane maker, which is the largest U.S. exporter. Caught in the midst of Trump’s trade war, its vast and fragile supply chain is grappling with the end of its decadeslong duty-free status. Shares of Boeing closed down 2.36%. From smartphones to fast food, the trade war is deepening the threat to major U.S. consumer brands in China as they rapidly lose market share to domestic rivals. 3. Big banks showed consumers remained resilient heading into the tariff turmoil. Bank of America and Citigroup said spending ticked higher in the first quarter when concerns about tariffs and the economy began to bubble up. JPMorgan Chase said last week that credit- and debit-card spending rose. A surge in Goldman Sachs, JPMorgan and Morgan Stanley’s trading revenue helped lift their profits in the first quarter and beat expectations, according to the banks. 4. U.S. stocks ended the day with muted losses. Investors continued to parse signals on what the trade war will mean for U.S. industries and markets. The S&P 500 lost 0.2% and the Dow Jones Industrial Average 0.4%, while the tech-heavy Nasdaq Composite barely budged, finishing less than 0.1% lower. The price of gold, a traditional haven, rose near Friday’s record, and oil prices fell. And some beaten-down tech stocks such as Nvidia, Tesla and Palantir rebounded. MEMBER MESSAGE: WSJ Discover the stories that matter. Award-winning coverage on breaking news and today's top stories that impact you. From Finance and Business to Tech and World News, get unlimited access to WSJ. Learn More The Number 20 million+ The number of taxpayers who request an extension to file, according to the IRS. The due date to do so is Tax Day a.k.a. today. Otherwise, people who owe taxes can face penalties and interest compounded daily. ‏‏‎Quoted “Iran must stop and eliminate its nuclear enrichment and weaponization program.” —U.S. special envoy Steve Witkoff in a post on X, appearing to backtrack on comments he made Monday that Tehran could be allowed to enrich uranium at a low level in a new nuclear deal with the Trump administration. The National Security Council and Witkoff’s spokesman didn’t immediately respond to requests for comment on his apparent change of position. Catch Up Zuckerberg, on Witness Stand, Rebuffs Claims Meta Monopolizes Social Media Market (Read) Palestinian Columbia Student Detained by ICE at U.S. Citizenship Interview (Read) USDA Is Fast-Tracking Requests to Yank Soda From Food-Stamps Program (Read) Blackstone Moves to Extend Its Reach Into Everyday Investors’ Portfolios (Read) 🎥 How Medicaid Actually Works—and Three Ways Republicans Can Cut Funding (Watch) They’re the NBA’s Scariest Championship Contender. They Just Have to Make the Playoffs First. (Read) What Do You Think? Last week, we asked whether the Trump administration should install federal oversight of Columbia. Here’s what you had to say: I love it. For way too long, learning institutions have been liberal enclaves with increasing desires to erase conservative thought. Higher education is supposed to be about challenging ideas of all kinds, not cheerleading liberalism. Inside oversight will force institutions to real action, not just flapdoodle. —Ken Buttolph, Colorado I do not believe any university in the U.S. should have or needs government oversight. This feels like a dictatorship that doesn't allow free speech. And our Constitution states we have the right to have free speech. —Louise Braunbeck, California Yes, because they have already broken their “promise” of no masks during protests, and the Columbia administration cannot be trusted to abide by the rules. —Jim Parker, Texas Stop giving them any money, and federal oversight is unnecessary. —Eric Nelson, Arizona Responses have been condensed and edited. What has been your experience getting an extension on your taxes? Let us know at whatsnewsletter@wsj.com or reply to this newsletter. Include your full name and location, and we may publish your response in an upcoming issue. Take a Break PHOTO: BEATA ZAWRZEL/NURPHOTO/SHUTTERSTOCK Seeking freedom from office life and the adventure of Bravo’s reality franchise “Below Deck,” rookies are signing up to join yacht crews. But the jobs are harder than they look on TV. Read More Beyond the Newsroom Buy Side from WSJ: Your home’s equity can provide you with funds to meet your financial goals. Today's newsletter was curated by Zlati Meyer in collaboration with Leigh Kamping-Carder in New York. Follow Zlati on X at @Zlatimeyer and Leigh at @Leigh_KC. Sign up for WSJ newsletters on markets, tech, careers and more. 📰 Enjoying this newsletter? Get more from WSJ and support our journalism by subscribing today with this special offer.   Access WSJ‌.com and our mobile apps. Subscribe

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