A selloff in longer-dated Treasuries accelerated, worsening the slump in bond equivalents across the globe, as an escalation in the trade war sowed doubts over the haven status of US government debt.

The yield on 30-year Treasuries surged as much as 25 basis points to a level unseen since November 2023, bringing its rise this week to more than half a percentage point. That helped fuel a selloff in government debt in many developed markets worldwide, with benchmark yields in Australia, New Zealand and Japan spiking and French bond futures slipping.