On April 16, 2025, President Donald Trump escalated his criticism of Harvard University, labelling it a “joke” and threatening to revoke its federal funding and tax-exempt status. This follows Harvard’s refusal to comply with the administration’s demands to eliminate diversity, equity, and inclusion (DEI) programs, prohibit certain student protests, and collaborate more closely with federal immigration authorities. In response, Harvard has filed a federal lawsuit, asserting that the administration’s actions violate constitutional protections and academic freedom. Legal experts suggest this confrontation could set a significant precedent regarding the autonomy of educational institutions and the extent of federal oversight.
TRADE AND GEOPOLITICS DISRUPT OUTLOOK
According to McKinsey’s March 2025 Economic Conditions Outlook, global executives now view trade policy changes as equally disruptive as geopolitical instability, marking a significant shift in economic concerns. The survey, conducted from February 26 to March 7, 2025, indicates a growing caution among business leaders regarding future economic conditions and company performance. This heightened uncertainty stems from recent policy shifts and escalating geopolitical tensions, leading to more conservative expectations across various regions. Notably, the perception of trade-related disruptions has more than doubled over the past six months, aligning with long-standing concerns about geopolitical instability. These findings suggest a complex and evolving economic landscape.
CHINA SUSPENDS BOEING JET DELIVERIES
In a significant escalation of the U.S.-China trade war, Beijing has ordered its airlines to suspend deliveries of Boeing aircraft and halt purchases of U.S.-made aviation parts. This move follows the U.S. imposing 145% tariffs on Chinese goods, prompting China to retaliate with 125% tariffs on American imports. Major Chinese carriers, including Air China, China Eastern, and China Southern, are affected, with plans to receive 179 Boeing planes between 2025 and 2027 now in jeopardy. The suspension threatens Boeing’s position in a market projected to account for 20% of global aircraft demand in the coming decades.
SHAPLEY APPOINTED ACTING IRS COMMISSIONER
Gary Shapley, an IRS whistleblower who testified about the Hunter Biden tax investigation, has been appointed as the acting IRS commissioner. Shapley previously alleged that the Justice Department delayed investigative actions before the 2020 election. His appointment follows his promotion to Deputy Chief of IRS Criminal Investigations in March. Shapley replaces Melanie Krause, who resigned over a data-sharing agreement with ICE. The Treasury Department praised Shapley’s integrity and dedication. This leadership change occurs as former Congressman Billy Long awaits Senate confirmation to become the permanent IRS commissioner. The developments underscore ongoing scrutiny over the handling of the Hunter Biden case.
CHINA VOWS DEFIANCE AMID TARIFF WAR
China has firmly stated it will not yield in its escalating trade conflict with the United States. Foreign Ministry spokesperson Mao Ning emphasised China’s resilience, sharing a 1953 video of Mao Zedong asserting China’s determination during past U.S. confrontations. This declaration follows the U.S. increasing tariffs on Chinese goods to 125%, prompting China to retaliate by raising its tariffs on U.S. imports from 34% to 84% starting April 10. Beijing condemned the U.S. actions as “unilateral bullying,” signalling a prolonged standoff with significant implications for global trade and economic stability.
