QCP Asia Colour - 12 March 25 Markets are on edge as trade tensions flare up once again, with new tariffs expected on April 2. Fresh 25% duties on steel and aluminum imports took effect today, prompting swift retaliation from the EU, which plans to impose €26bn (£22bn) in countermeasures starting next month. Volatility is spiking. The VIX hit 28 before settling at 26.6, though the Cboe VIX term structure flipping into backwardation hints at a potential market floor. Meanwhile, tonight’s CPI print could set the tone for rate expectations, as markets now price in four Fed cuts this year, up from just one in January. Will inflation data validate this shift or bring fresh turbulence? In crypto, the SEC has postponed ETF approvals for XRP, SOL, LTC, ADA, and DOGE until May, while also launching a high-stakes roundtable on crypto regulation, set for March 21. But with Bitcoin ETFs seeing a $153.87M net outflow, driven by GBTC's 641 BTC offload, investors remain wary. What’s next for equities and crypto? Read our…