Today's Cheddlines You Need 2 Know

• Tariffs on China set to rise to 104% today

• This fake news Tweet briefly made $2.2 trillion

• Meet our new Washington correspondent 👋🏻

• 'The White Lotus' finale draws 6.2M viewers

• DHS Offering Employees Voluntary Buyouts

• Sunset Magazine shines a light on LA fires

—Matt Davis, Need2Know Chedditor

Stocks in today’s newsletter

$SPX ( ▲ 1.81% )  $WBD ( ▼ 1.61% )  

Tariffs on China set to rise to 104% today

The Trump administration is set to impose 104% tariffs on Chinese imports starting today, escalating the trade conflict. The decision includes an additional 50% tariff on top of previous levies, a response to China's proposed 34% retaliatory tariff.

White House Press Secretary Karoline Leavitt said yesterday that President Trump is prepared to negotiate but will prioritize American interests. Markets reacted turbulently, with initial gains erased by afternoon losses amid continued high tensions with China $SPX ( ▲ 1.81% ) . U.S. stocks experienced significant fluctuations, with the highest trading volume in nearly two decades noted on Monday.

Meanwhile, concerns are rising among Republicans about potential electoral repercussions due to economic instability.

“Trump was elected in part to lower inflation and juice the economy,” GOP pollster Whit Ayres told Politico. “Higher prices and slower growth are exactly the opposite of what Americans voted for.”

This fake news Tweet briefly made $2.2 trillion

A single false post on X (formerly Twitter) about a potential U.S. tariff pause triggered a massive, albeit brief, rally on Wall Street.

It all started on Monday during a Fox News interview featuring Kevin Hassett, the head of the National Economic Council. When pressed about the potential for a halt on the tariffs scheduled for “Liberation Day,” Hassett provided a non-committal reply, stating: "The president will make whatever decision he chooses to make."

The ambiguous quote opened the door to speculation, swiftly taken up by several prominent X accounts, including one managed by an anonymous individual known as Walter Bloomberg, who commands a following of approximately 850,000 users. Despite having no official ties to Bloomberg, Walter is often regarded as a reliable source for financial news due to his practice of citing established outlets like Bloomberg, CNBC, and Reuters. The account announced that "Trump is rumored to be contemplating a 90-day suspension of tariffs across all nations, with the exception of China."

That propelled the Nasdaq to swing by 10%, which equated to an increase of roughly $2.2 trillion in market capitalization in early trading. The surge in the Nasdaq was short-lived as the White House promptly debunked the rumor, calling it “fake news.”

The Nasdaq eventually closed the session around breakeven. With markets this jittery, it’s remarkable what a Tweet can do! Perhaps you should change your name to “Mike New York Times” and say something market-moving after betting on it?

From @cheddar

Post of the day: @Kelsey Piper

Meet our new Washington correspondent 👋🏻

Margaret Chadbourn is Cheddar’s new Washington correspondent, which means she’s in the press pool at the White House! We caught up with her to ask her all about the job, the news, and more:

What's a typical day like for you? 

My days are often different due to the way the Trump administration operates. Typically, I’m up early, not because I’m trying to catch up on breaking news or read any missed Trump tweets, but because my 18-month-old daughter has never exactly been a great sleeper. I’ll start around 5 A.M., rocking her and reading news on my phone, preparing for the coverage ahead. From there, I’m constantly on the go. Most of what’s popping out of 1600 Penn. Ave. happens midday or later; the president rarely has anything on his public schedule in the mornings. 

What are the biggest political trends you are currently watching? 

To state the obvious, politics is hyper-polarized right now. Trump essentially has a hold on the Republican Party. The president is following through on his promise to shake up Washington and impose an extreme agenda. I’m curious to see how voters react — including in the long run — to campaign rhetoric becoming policy in practice. Will they bristle at losing some government services, or will they feel the president is making their lives better? It’s an open question.

What sparked your initial interest in reporting?

I’ve always been a writer. I love telling stories. Talking to people and asking questions isn’t a bad way to make a living.

My media diet has been intense from a young age. I’d start with the newspaper in the mornings, reading over a bowl of cereal with my father before school. In the evening, the nightly news was on in the background as my mom prepared dinner and I did homework. 

I also remember exactly where I was and what I was doing when major headlines hit, the most memorable being the 9/11 terrorist attacks. That’s when it was cemented that I needed to pursue a journalism career. I was up early buying school supplies at my college bookstore. I heard over the radio that the Twin Towers had been hit, rushed back to my dorm room, turned on the news, and barely moved from the television for the rest of the day. My father worked at the Pentagon, and I was unable to reach him for most of the morning with lines out of Washington down. The information streaming from the news was my lifeline to home. 

By this time, I’d been the editor-in-chief of my college newspaper and later secured a full-time job at a local television news station during my senior year. I worked the weekends and then would pivot to classes and life on campus the rest of the week.

What's a book, movie, or TV show you'd recommend?

I recently enjoyed Nathaniel Philbrick’s “In the Heart of the Sea,” its nonfiction and based on the story that inspired Melville to write “Moby-Dick” I couldn’t put it down. My warning, if you decide to read it, the book will come between you and anything else you want to accomplish. Oh, and there’s also a movie based on the book!

If you weren't a reporter, what other career might you have pursued?

I’ve definitely given this some thought with the ever-changing media landscape. Putting together another path right now is unimaginable. I'm a journalist at heart. But if pressed, I would say some sort of decorating job or a position in the art world would be interesting. Decorating our new home has been a creative outlet.

Thanks, Margaret! Welcome to the Cheddar team!

'The White Lotus' finale draws 6.2M viewers

The Season 3 finale of HBO's $WBD ( ▼ 1.61% ) drama "The White Lotus" set a new viewership record for the series, drawing in 6.2 million viewers. That’s a 30% increase over the previous series high of 4.8 million viewers a week prior. The finale's ratings include viewership from both HBO’s cable channel and streams on Warner Bros. Discovery’s Max platform, incorporating data from Nielsen and WBD's own streaming metrics.

Significantly, the viewership for the Season 3 finale marked a 51% rise from the Season 2 finale and an astonishing 158% increase from the current season’s premiere episode. Season 3 has consistently shown strong viewership numbers.

Additionally, Warner Bros. Discovery reported that the Season 3 premiere has now nearly reached 20 million viewers, with the season averaging 16 million viewers overall.

Meanwhile, Duke crashing out of the NCAA March Madness tournament spawned a bunch of “White Lotus” memes, comparing the mood of one unfortunate character to that of the team. I won’t spoil the show for you, but Duke definitely spoiled their chances of winning the championship by losing in the semi-finals.

Should you check your 401(k) today?

👎

Gah! No! Again! For the love of God!

DHS Offering Employees Voluntary Buyouts

The Department of Homeland Security (DHS) is presenting its staff with options for buyouts and early retirement as part of the Trump administration's larger initiative to reduce and restructure the federal workforce. In an internal email titled "Reshaping of the DHS Workforce," sent by Secretary Kristi Noem, three options were outlined for employees considering leaving the department: deferred resignation, early retirement, or a voluntary separation payment, which could reach up to $25,000.

Employees have until April 14 to decide if they wish to take the offer. Specific details on the expected uptake of the offer or whether more drastic staff reductions may follow were not disclosed.

Contrary to other agencies that have experienced extensive layoffs, DHS has so far avoided such measures and continues to recruit for critical immigration enforcement roles, such as in Immigration and Customs Enforcement and Homeland Security Investigations. Nonetheless, certain sections within DHS have witnessed cutbacks, including probationary layoffs at FEMA and downsizing in units tasked with overseeing DHS operations.

Quote of the Day: Whit Ayres

Sunset Magazine shines a light on LA fires

The devastating wildfires that swept through Southern California left a trail of destruction and forced many communities to rebuild. In response, Sunset Magazine dedicated an entire issue to Los Angeles, focusing specifically on wildfire defense and innovative solutions. Editor-in-chief Hugh Garvey discussed the magazine's approach. "When the devastating wildfires hit Los Angeles, it really hit the core of what Sunset is all about, which is living the California dream,” Hugh said. “Sunset is in the business of celebrating the best of the West, and when it's threatened, we step up."

The magazine's team spoke with experts from various fields, including agriculture, landscape design, and fire defense. Hugh shared some surprising discoveries. "Some of the things I learned is that basically we are not doing everything we can to survive in the West. There are certain basic insecurities in the way we design that this fire took advantage of." One key takeaway was the vulnerability of houses to ember intrusion. Garvey advised a simple yet effective solution: "Tighten up the screens in your house, in the crawl spaces, and in the attic spaces to keep embers from going in.”

Hugh also highlighted the importance of community vigilance. "Actually the community is the best fire defense that you can have,” he said. “Everyone has to band together." He suggested a "modern version of the civil defense that is fire focused that communities should behoove themselves to organize."

In contrast to Sunset's usual celebratory tone, Hugh described this issue as "a celebration of heroism and innovation in the face of threat.”

Poll of the Day

Results from Tuesday’s Poll of the Day

We asked: Do you think Microsoft was right to fire the protesters who raised concerns about it supplying AI technology to the Israeli military at its 50th anniversary party?

You answered

🟩🟩🟩🟩🟩🟩 Yes. Even if I agreed with the things they were protesting, they broke company rules on protest and should pay the price. (459 voted, 57%)

 🟨🟨🟨🟨⬜️⬜️ No. The issue was so important that the employees should not lose their jobs for speaking out, even at a big event like this. (340 votes, 43%)

799 total votes (via @beehiiv polls)