U.S. Treasuries crater as global tariff war unleashed by Trump triggers asset damage

The steep selloff in U.S. government bonds overnight has alarmed investors, leading to speculation that China is unloading Treasuries in retaliation for President Donald Trump's punishing 104-per-cent tariffs imposed on the country's exports on Tuesday. Treasuries are considered one of the safest assets and often rise in times of major market volatility or perceived risk. But they have come under extreme selling pressure in recent days as the trade war expands, heightening economic and political tensions across the globe. The yield on the 30-year notes briefly traded above 5 per cent overnight; they had spent the last two months between…