Global Bond Yields Surge Higher on Tariff Concerns

The selloff in stocks and bonds is gathering momentum as China retaliates to US tariffs with new levies of its own, upping the ante in the trade war that has roiled global markets.
US equity futures fell about 1.7% after China announced new tariffs of 84% on US goods, after the Asian country signaled earlier it had the will and means to “fight to the end.” Stocks in Europe slumped more than 4%.

The yield on 30-year Treasuries briefly surged above 5% for the first time since November 2023 amid growing doubts about the haven status of US sovereign bonds. The selloff fueled declines in government debt in other markets. The UK’s borrowing costs surged to the highest since 1998, and Japanese 40-year bond yields struck a record high. The dollar weakened for a second day.
For more on the turmoil, Bloomberg's Tom Keene and Paul Sweeney speak with Thierry Wizman, Director of Global Currencies & Interest Rate Strategist at Macquarie.
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