Stanford University will lay off at least 363 employees this fall as part of $140 million in budget cuts due to rising costs and changes in federal funding, including a sharp increase in the endowment tax.

The Trump administration has defended its approach, saying it is committed to ensuring that university campuses remain safe and inclusive for all students.

Stanford University said on Tuesday it has laid off over 360 employees, citing budget constraints that it attributed to the federal funding policies of U.S. President Donald Trump.