QCP Asia Colour – 19 February 25 Inflation fears remain top of mind as tariff tensions escalate. So far, the only confirmed hit—a 10% tariff on select Chinese goods—is in effect. The proposed 25% tariffs on Canada and Mexico could be avoided if a consensus is reached, while the planned steel and aluminum tariff hike from 10% to 25% is set to take effect on March 12. Markets, however, have largely priced in these risks. Despite ongoing uncertainty, equities continue to climb, while VIX term structure remains flat. The current pain trade? A slow grind in sideways markets, keeping volatility sellers in control while long-vol positions struggle to generate returns. Crypto remains under pressure, with Solana bracing for impact ahead of a 30M token unlock on March 1. Hedging flows tied to FTX-related SOL are weighing on BTC and ETH, contributing to broader weakness. Meanwhile, Argentina’s latest meme coin frenzy, $LIBRA, saw a staggering $4 billion surge following the president's endorsement before crashing 89%,…