WASHINGTON (dpa-AFX) - After recovering from early weakness to end the previous session roughly, treasuries moved back to the downside during trading on Friday.
Bond prices came under pressure early in the day and slid more firmly into negative territory as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price jumped 7.7 basis points 4.423 percent.
With the notable increase on the day, the ten-year yield ended the session at its highest closing level in almost a month.
The weakness among treasuries came amid renewed concerns about President Donald Trump's escalating trade battles.
In a letter to Canadian Prime Minister Mark Carney posted on Truth Social, Trump announced a 35 percent tariff on Canadian imports effective August 1st.
Trump said the tariffs were partly due to Canada's failure to stop fentanyl from 'pouring' into the U.S. and threatened to raise tariffs further if Canada retaliates.
'If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter,' Trump said.
Trump also told NBC News' 'Meet the Press' moderator Kristen Welker he plans to impose blanket tariffs of 15 or 20 percent on most U.S. trade partners,
The president also indicated he soon plans to send letters to member of the European Union notifying them of new tariff rates.
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