Bitcoin

This event highlights the fragmented nature of US trade policy under current administration, where bilateral deals are inconsistent. For crypto markets, which are increasingly correlated with macro risk appetite, any escalation in trade tensions could reinforce the prevailing bearish sentiment (Fear & Greed at 25). However, the direct impact is muted since crypto is not a trade-exposed asset class.

US tariffs imposed on the UK remain effectively unchanged while other countries have secured better trade terms.