No, but the effect is not instantaneous. Bitcoin moves in its own regardless of the fiat space, tho in theory you are trying to assign a "value" in that very fiat that loses value every year per design. Now that the current administration is printing "a bit more than usual" its stressing their system to he point it might collapse and enter the hyper-inflation spiral. You just cannot expect to increase the amount of fiat and expect everything else to be valued the same, if there are more dollars, things cost more.

But again, the effect is not instantaneous, it can be slow to start. However, once it starts, it can be hard to stop. Maybe they have some contigency plan to burn dollars, but that would put them at risk of deflation, something they are even more scared from. due to their incomplete economic education, solely based in the Chicago school, or maybe even some keynesianism. The whole current financial system is a product of that, reserve banking, credit expansion, bubbles, crashes, all of it could be solved easily by following the Austrian school of economy teachings, which among other things, does not believe in money losing its value over time as a means of progress (debt based economy vs savings economy).

Try to see, how many cans of tuna can bitcoin buy, or cars, or whatever. Purchasing power can often explain things better. You could use it against gold if you prefer. Trump is playing with fire, lets see if he enters the history books as the one to finally destroy the USD.