Insight: Asian countries are moving rapidly to attract foreign students (and young professionals) that are leaving the US after the Trump administration’s attack on American elite universities and Harvard in particular. Hong Kong’s University of Science and Technology has offered unconditional admission to displaced Harvard students, and the University of Tokyo is considering doing the same, at least temporarily. In a related move, Vietnam is considering long-term visas, tax breaks and similar incentives to lure investors, scientists and other professionals with foreign passports.
Impact: Since more than 70% of all foreign students enrolled in US universities in 2023-4 were from Asia (with almost 30% from India and 25% from China), it seems only logical that many will now head home. Particularly as local colleges are rapidly improving the quality of their teaching and expanding their postgrad positions and original research. Meanwhile, private industry in Asia is moving up the value chain, creating more highly skilled jobs, with China’s advances in AI just the latest example of this trend. All this suggests that smart young Asians that study at home will increasingly also work at home, start companies, grow wealthy and reinvest in education. A virtuous circle that can only benefit Asia and hurt the US.