Treasuries slumped along with stocks around the globe as US President Donald Trump hiked trade tariffs to a 100-year high and ratcheted up pressure on China.

The yield on 30-year Treasuries surged to the highest since November 2023 amid growing doubts about the haven status of US sovereign bonds. The dollar weakened for a second day. Europe’s stock benchmark fell more than 2% and a gauge of Asian shares sank to the lowest since January 2024. Oil sank to a fresh four-year low.