QCP Asia Colour - 14 April 25 Going All-In After a week marked by tariff brinkmanship, risk assets have begun to stabilise, shrugging off what would otherwise be crippling trade barriers between the U.S. and China. With the U.S. now imposing a staggering 145% tariff on Chinese imports and China retaliating at 125%, the escalation reached a point where marginal increases no longer surprise markets. The sheer magnitude of these levies has rendered them symbolic rather than market-moving, a notable departure from the panic triggered during the initial "Liberation Day" shocks. The Art of Repeal: Olive Branch or Retreat? Despite both sides maintaining a hawkish public posture, cracks are beginning to show. After Friday's close, the Trump administration quietly exempted smartphones, computers and chips from the latest round of tariffs. This morning, Chinese officials called on the U.S. to 'completely cancel' their reciprocal tariffs. So who blinks first? Washington is angling for leverage, while Beijing seeks…