QCP Asia Colour – 10 February 25 This Monday continues to set the week's tone—following DeepSeek’s move two weeks ago and last week’s tariff-driven volatility. This time, Trump’s announcement of a 25% levy on steel and aluminum briefly unsettled markets ahead of Powell’s testimony and CPI data. With Mexico and Canada among the top three U.S. suppliers, the tariffs cast doubt on last week’s temporary delay and could reignite trade tensions. Adding to the uncertainty, Trump’s remarks on potential sanctions against Japan—a key U.S. ally—follow the White House’s move to block Nippon Steel’s takeover of U.S. Steel. Commodities were largely unchanged, while Asian equities dipped, and BTC briefly dropped to $95K before rebounding—suggesting a sentiment-driven move rather than a fundamental shift in risk appetite. BTC volatility now skews in favor of puts until April, reflecting a lack of upside catalysts. A feedback loop is emerging—President Trump, highly sensitive to market reactions, is facing a…