Cheddlines You Need 2 Know

• Stocks in today’s newsletter

• Apple is fighting against a backdoor to your data

• Microsoft fires two staff for protests

• Post of the day: @BillAckman

• Tariffs make Easter bittersweet for chocolatiers

• Should you check your 401(k) today?

• Leaders want to negotiate tariffs with Trump

• Quote of the Day: Microsoft

• Trump threatens even more tariffs on China

• Poll of the Day

—Matt Davis, Need2Know Chedditor

Stocks in today’s newsletter

$AAPL ( ▲ 4.06% )  $MSFT ( ▲ 1.86% )  $SPX ( ▲ 1.81% )  

Apple is fighting against a backdoor to your data

Apple is contesting a British government directive that demands it provide backdoor access to its encrypted cloud storage services. The case has stirred international attention, with U.S. Director of National Intelligence Tulsi Gabbard expressing serious concerns to Congress about the implications of such demands on the privacy rights of Americans and the pressures it places on a U.S.-based tech company.

Initially the hearings were going on in secret. But the legal conflict was disclosed by the Investigatory Powers Tribunal in the UK, which denied a request from Britain's Home Office to have the judicial proceedings conducted privately. The tribunal ruled that the basic details of the case, including the identities of the involved parties, could be made public, asserting that revealing these details would not compromise public interest or national security.

In response to the government's earlier demand, Apple announced earlier in the year that it would withdraw its end-to-end encryption feature for users in the UK, which has been available since 2022 and requires user opt-in to secure iCloud data such as files, photos, and notes with end-to-end encryption. Now it seems Apple is fighting the British

government on this, protecting your right to go to Britain and leak sensitive information (like, say, war plans!) in an encrypted chat. We say: No taxation without representation, King Charles! And: Stick your tea in the encrypted harbor! Etc.

Microsoft fires two staff for protests

During Microsoft's 50th anniversary celebration last week, two employees protested Microsoft's involvement in supplying AI technology to the Israeli military. Now the company has fired them, they say, although Microsoft hasn’t commented.

Ibtihal Aboussad disrupted the event by confronting Microsoft AI CEO Mustafa Suleyman during his speech, accusing the company of contributing to violence against Palestinians with its AI technology. She also threw a keffiyeh scarf, symbolic of Palestinian support, onto the stage. Now she says she is out of a job. Another employee, Vaniya Agrawal, says she was also fired after interrupting the event in protest.

The employees’ actions were in opposition to Microsoft's sale of the Azure cloud computing platform to Israel, a move criticized by the advocacy group No Azure for Apartheid, and seen as part of wider tech industry discontent with contracts supporting military operations.

This latest incident follows previous protests within the tech industry, including at Google, where employees faced termination for protesting Project Nimbus, a similar AI technology contract with the Israeli government. Microsoft issued a statement on Friday: “We provide many avenues for all voices to be heard,” the company said. “Importantly, we ask that this be done in a way that does not cause a business disruption. If that happens, we ask participants to relocate. We are committed to ensuring our business practices uphold the highest standards.”

Do you think Microsoft should have fired two staff for protesting during its 50th anniversary party? Make your views known in our poll of the day. 👇🏻

From @cheddar

Post of the day: @BillAckman

Tariffs make Easter bittersweet for chocolatiers

With the normally brisk Easter season around the corner, the mood in Switzerland’s chocolate business is bittersweet, thanks to high cacao prices and — now — the newly added U.S. tariffs on imports.

Swiss chocolate will face a 31% tariff!

The awesomely named Swiss chocolate industry association Chocosuisse has expressed its disappointment over the tariffs, even though it can still count on the domestic market: The Swiss are among the world's top consumers of chocolate, scarfing down more than 10 kilograms (22 pounds) per person, per year. No wonder Tina Turner moved there to live out her later years!

“It is completely incomprehensible that Switzerland is targeted by these tariffs,” Chocosuisse said, adding that it was taking the situation “very seriously” and decried how the U.S measure “hits our businesses hard and represents a heavy burden that will weigh on exports to the United States.”

Let’s hope they don’t melt down over it, eh?

Should you check your 401(k) today?

👎

We really regret the timing of introducing this newsletter feature last month, tbh.

Leaders want to negotiate tariffs with Trump

In the face of President Trump's announcement to impose widespread tariffs on most of America's trading partners, nations around the globe have been scrambling to negotiate exemptions or reductions. This has triggered a flurry of diplomatic activity, including offers from European officials to eliminate tariffs on cars and industrial goods, personal appeals from the Prime Minister of Israel, and a commitment from Vietnam to remove tariffs on American goods. Additionally, smaller nations like Lesotho are sending delegations to Washington to protest the tariffs that threaten their exports to the United States.

Despite mixed messages from the Trump administration on its willingness to negotiate, President Trump has made clear that tariffs will remain until the U.S. trade deficits are eliminated.

Countries from every corner of the globe, including allies and competitors, are seeking to engage with the U.S. to mitigate the impact of the tariffs, which range from 10% to 40% on nearly 60 nations, based on their trade deficits with the U.S. While some countries, like Europe and Canada, have threatened retaliatory tariffs, others are opting for a more diplomatic approach in hopes of avoiding further escalation.

Quote of the Day: Microsoft

Trump threatens even more tariffs on China

As global markets reel $SPX ( ▲ 1.81% ) , President Donald Trump has heightened economic tensions by threatening an increase in tariffs on Chinese goods. The announcement on Monday escalated fears of a deepening trade war, following China’s intention to retaliate against U.S. tariffs imposed the previous week.

Trump used social media to declare his intent to impose an additional 50% on Chinese imports if China did not address what he termed “long-term trading abuses,” and withdraw its 34% retaliatory tariff imposed late last week. In a drastic step, Trump also said that talks with China would be terminated if his demands were not met.

This tough stance triggered a market plunge, with notable declines in major U.S. stock indexes: the Dow Jones Industrial Average fell by 750 points or 2%, while the S&P 500 and the Nasdaq composite also saw significant drops. An erroneous report suggesting Trump was considering a tariff pause caused a brief surge, highlighting the market's volatility and its reactive nature to trade developments.

Should the new tariffs come into effect, total U.S. tariffs on Chinese goods would escalate to 104%.

Meanwhile, Trump's unilateral focus on tariffs has caused friction within his administration and advisory circles. High-profile individuals like hedge fund manager Bill Ackman and even Tesla CEO Elon Musk have voiced strong concerns or outright skepticism about the trade measures.

Poll of the Day

Results from Monday’s Poll of the Day

We asked: Do you think voters will tire of the new tariff policies before they have time to achieve their stated goal of returning manufacturing to the U.S.?

You answered:

🟩🟩🟩🟩🟩🟩 1170 votes said: “Yes, because I'm tired already.” 89%

⬜️⬜️⬜️⬜️⬜️⬜️ 133 votes said “No, I think the tariffs will work in the long term.” 11%

via @beehiiv polls