QCP Asia Colour - 10 April 25 Make America Wealthy Again If “Make America Wealthy Again” were a stage production, last night marked its dramatic crescendo. President Trump authorised a 90-day pause on proposed tariff hikes, while introducing a blanket 10% reciprocal tariff on all countries except China. Markets responded with fervour: the S&P 500 rallied 9.51% and Nasdaq spiked 12.02%. Bitcoin did not let the market down as it advanced 8.43% while Ethereum added an impressive 13.38%. The crypto market saw $75 million in shorts liquidated within 60 minutes of the announcement. Respect is Earned, Not Given In contrast to his broader olive branch, President Trump doubled down on China, escalating tariffs on Chinese imports to 125%, citing Beijing's lack of "respect for world markets". The Chinese Yuan responded accordingly, tumbling to an 18-year low at 7.3498 this morning. Yuan devaluation serves as a partial cushion, preserving export competitiveness in the face of higher U.S. tariffs. With China singled out…