Odaily News QCP said in a statement that after a week of tariff brinkmanship, risk assets have begun to stabilize, shaking off the barriers that could have dealt a heavy blow to Sino-US trade. The United States imposed tariffs of up to 145% on Chinese imports, and China hit back with tariffs of 125%. The two sides escalated to the point where the market was no longer surprised by further increases. The sheer size of these tariffs makes them more symbolic than market-driven, in stark contrast to the panic caused in the early days of "Liberation Day".
The Trump administration quietly exempted smartphones, computers and chips from its latest tariffs after the close on Friday. Despite the ongoing stalemate, risk assets are pricing in optimism even as the U.S. appears to be negotiating not only with China but also with the bond market and itself.
In the crypto market, Bitcoin risk reversals still favor put options until June, indicating that the market is still slightly cautious in the short term. However, long-term sentiment is becoming more positive. On Saturday, we observed aggressive buying of 800 lots of BTC-27MAR26-100k-C. Bitcoin continues to consolidate in the $80,000 to $90,000 range and may continue to move sideways, adopting a "wait and see" strategy for the tariff situation.