In the quiet hours of Thursday’s Asian session, the crypto markets stirred—rippled not by code or consensus, but by a familiar voice. Former President Donald Trump took to Truth Social with a warning: if the EU and Canada align to “do economic harm” to the U.S., he would respond with “large-scale tariffs… far larger than currently planned.” In another post, he declared, “Liberation day in America is coming, soon,” signaling a return to his “America First” doctrine.

Markets flinched. Bitcoin (BTC) slipped, while XRP and Solana (SOL) shed around 2% each. The mood soured briefly, a reminder that risk assets remain tethered to global politics. Recent optimism, rooted in the belief that tariffs would be more symbolic than structural, began to unravel.

Just weeks ago, Trump imposed 25% tariffs on imports from Canada and Mexico, and 20% on Chinese goods—citing immigration and fentanyl concerns. Now, with new threats aimed at America’s long-standing allies, traders brace for renewed turbulence.

Tariffs are no mere policy tool—they’re economic tremors. They inflate costs, stoke inflation, and compel central banks to reconsider their stance. In such a climate, crypto—often tracking equities—can falter. A stronger U.S. dollar, bolstered by safe-haven flows, tends to pressure digital assets like BTC.

Yet amid the churn, SUI stood apart. The token surged 7% ahead of the Walrus Network’s mainnet launch, a bright spot against a dimming backdrop.

Analysts increasingly look East for momentum. Jupiter Zheng of HashKey Capital suggests that Asia, with its friendlier regulatory posture, may become the next epicenter for crypto growth. Meanwhile, BTSE’s Jeff Mei offers optimism: with inflation cooling and rate cuts approaching, crypto’s resilience could surprise.

All eyes now turn to March 28’s PCE data—another domino in this delicate dance of policy and price.

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