Trump Sparks New Tariff Storm, Is Crypto Already Immune?

On February 21, the U.S. President Trump signed an announcement imposing a temporary tariff.

The announcement states that within 150 days, a 10% import tariff will be levied on goods imported into the United States, effective from 12:00 a.m. on February 24, Eastern Standard Time.

On February 22, Trump posted that yesterday’s Supreme Court ruling on tariffs was absurd and clumsy, and hereby declares that, as President of the United States, I will immediately raise the global tariff from 10% to a fully legal and legally tested level of 15% on many countries.

However, under the bearish news of tariffs, Bitcoin’s 24-hour increase was only 0.1%.

Why did the market not react to the tariff issue?

1. The market has already priced it in early. The financial markets fear “unexpected” events, not “known” ones.

Since Trump took office, tariffs have been a high concern, repeatedly mentioned. It is well known that the market believes that based on past behavior predictions, the probability of Trump using tariffs again is very high. Therefore, the market had already anticipated this, and before the official announcement, funds may have already hedged and positioned accordingly. Prices only react strongly to “unexpected” actions.

2. The impact of a 10% tariff may not be as significant as imagined.

The main effects of tariffs are:
- Raising import costs
- Increasing inflation expectations
- Lowering corporate profits
- Affecting USD liquidity

But the market will quickly do the math:
- Will there be exemptions?
- Will it be implemented in phases?
- Will negotiations offset the impact?
- What is the actual coverage? If the conclusion is “impact is manageable,” then price fluctuations will be limited.

3. The current core drivers of the market are not “tariffs.” The real drivers now may be:
- ETF capital flows
- Federal Reserve policy path
- Liquidity cycle
- Derivatives position structure

If tariffs do not change these core variables, the market will not fluctuate wildly.

4. There is also a possibility: the volatility has not arrived yet. Macro policy impacts usually:
- First affect the bond market
- Then influence the stock market
- Finally transmit to crypto, sometimes with a lag of 24-72 hours.

No market reaction doesn’t mean no impact.

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