On Friday night, President Trump released a memorandum that provided “clarification of exceptions” to his reciprocal tariffs plan. It itemized 20 categories of electronic products not subject to those levies, like the 125% reciprocal tariff on imports from China.

The exempted items include semiconductors, smartphones, computers, SD cards, and flat-screen TVs. All together, they make up ~$390 billion of US imports, more than $100 billion of which are from China, based on 2024 data compiled by the Rand China Research Center.

Not so fast. While the news may make Tim Cook’s 600 tons of airlifted iPhones seem a little excessive in retrospect, tech companies aren’t out of the woods:

• The electronics are still subject to the 10% blanket tariff on all imports to the US, and, if they are imported from China, the 20% tariff on all Chinese goods that preceded the reciprocal tariffs.
• Additionally, “They’re exempt from the reciprocal tariffs, but they’re included in the semiconductor tariffs, which are coming in probably a month or two,” Commerce Secretary Howard Lutnick said yesterday on the ABC political affairs program This Week.

Lutnick further clarified the situation, saying, “So, this is not like a permanent sort of exemption…these are things that are national security that we need to be made in America.”

Apple and other tech companies that manufacture in China will find some benefit in the time before semiconductor tariffs kick in. Even China signaled its approval. “This is a small step by the US toward correcting its wrongful action of unilateral ‘reciprocal tariffs,’” the Chinese Ministry of Commerce said in a statement. However, the Trump administration has not yet engaged in tariff talks with Chinese officials.

There’s been no word yet on what the rate will be for the forthcoming semiconductor tariffs, but it’s “virtually certain to be lower than the 125% rate on China,” according to Bloomberg.—HVL

PA Gov. Josh Shapiro’s home attacked by arsonist. State police said that around 2am ET yesterday, a suspect scaled a fence, forcibly entered the governor’s mansion, and set fire to it before fleeing. Gov. Shapiro, his wife, their four children, and another family who had celebrated Passover with them the night before were in the home and evacuated by police. Authorities said that the mansion was significantly damaged but no one was hurt. A man was arrested later on Sunday for attempted murder, terrorism, and attempted arson, although the state police said at a news conference that the investigation is ongoing. Shapiro told the public, “I refuse to let anyone with evil intentions stop me from being a leader and looking out for Pennsylvania residents.”

Some businesses are adding a tariff line item to receipts. Move over, egg surcharge, a new addition to some companies’ invoices is the latest Sign of the Times for consumers. The Wall Street Journal called it the “This Tariff Isn’t Our Fault” fee. So far, the surcharges have cropped up at online retailers of bathroom fixtures, sportswear, children’s toys, and…other kinds of toys. Women’s sexual wellness company Dame is charging a $5 tariff fee per order. Dame CEO Alexandra Fine told CBS MoneyWatch, “Our whole industry is in China, so we’ve already seen the impact.” She also said, “I wanted people to understand why it’s more expensive—that it’s because of political decisions that were made.” On Reddit, some posters voiced support for the idea of the fees, saying they would help to educate buyers, while others expressed doubts that it would do anything beyond further polarizing the consumer base.

Rory McIlroy won the Masters in dramatic fashion. The 35-year-old from Northern Ireland slipped on the green jacket for the first time yesterday following his 17th appearance in the prestigious tournament. McIlroy clinched the win in the final round, defeating Justin Rose in the first hole of a sudden-death playoff. The victory cements his career Grand Slam, which only five other golfers have done in the Masters era (Tiger Woods was the last to do it, in 2000). McIlroy said, “I started to wonder if it would ever be my time…I’m sort of wondering what we’re all going to talk about going into next year’s Masters.”—HVL

It’s been more than 10 years since the US Federal Trade Commission approved Facebook’s purchases of Instagram and WhatsApp. Starting today, the social media giant that rebranded as Meta will have to defend itself against monopoly allegations from the same agency in an antitrust trial.

The arguments: The FTC is essentially saying “my bad” and believes that by allowing Meta to acquire WhatsApp and Instagram, the company has illegally restricted competition in the social media space and must divest; Meta counters that “every 17-year-old in the world knows” it competes with TikTok, YouTube, X, iMessage, and more in the brainrot sector.

The players: We could soon learn if CEO Mark Zuckerberg’s lobbying of President Trump affects the outcome. New FTC Chair Andrew Ferguson suggested that if Trump wanted the charges dropped, he would “obey lawful orders.” Barring that dream scenario for Zuck, former and current Meta execs are scheduled to testify along with the leaders of TikTok, Google, Snap, and YouTube.

The consequences: Should Meta have to sell its properties, it would be a blow to its bottom line, as Instagram is forecast to generate half of Meta’s US ad revenue this year. While both Instagram and WhatsApp are moneymakers, they are considered critical by Zuck for distributing the company’s AI assistant in what he views as the next tech battleground.—DL

Blue Origin is sending Katy Perry to space this morning: The six-person, all-female crew that also includes CBS Mornings host Gayle King and Lauren Sánchez, the fiancée of Blue Origin founder Jeff Bezos, is scheduled to blast off at 7:30am ET. The 11-minute, low-orbit tourist adventure is being touted as the first spaceflight with exclusively women since the Soviet Union sent astronaut Valentina Tereshkova on a solo mission in 1963. Perry offered inspirational words to Elle magazine, saying that “space is going to finally be glam” and “we are going to put the ‘ass’ in astronaut.” Tereshkova probably told the media something different back then.

A mélange of major earnings, retail data on tap: After multiple big banks beat estimates last week, Goldman Sachs (Monday), along with Citigroup and Bank of America (both Tuesday), are in the banking earnings spotlight to start the week. The Fed will release retail data on Wednesday and offer insight into consumer spending during these uncertain, tariff-filled times. Other big companies dropping their numbers include Taiwan Semiconductor (TSMC), UnitedHealth, Netflix, and American Express on Thursday.

Everything else…

• It’s Tax Day tomorrow. There’s still time to file an extension for October.
• The EU’s trade chief is meeting with the Trump administration today to negotiate a tariff deal.
• Markets will be closed on Good Friday.
• Sunday is Easter.
• The NBA play-in tournament runs from Tuesday through Friday, with the playoffs beginning on Saturday.

There might not be a script for a sequel to The Batman yet, but here’s a story from the Wall Street Journal involving The Joker. Using math and analytics, a professional gambler named Zeljko Ranogajec, who earned the Joker moniker through his elaborate money-making schemes, found a way to guarantee a $57.8 million windfall from the Texas lottery in 2023.

The Joker bankrolled a group led by former London banker Bernard Marantelli to buy ~26 million lottery tickets to cover 99.3% of number combinations at $1 apiece and all but guarantee a $95 million jackpot. They won, and after expenses had $57.8 million to show for it. But one lottery player filed a lawsuit, claiming his $7.5 million-winning ticket for a later drawing was diminished due to the group winning its bigger prize with fraudulent tactics, and Gov. Greg Abbott ordered an investigation into the profitable plot.—DL