Treasuries rallied on Monday, erasing previous losses, with the yield on the ten-year note dropping to 4.029 percent. This surge was attributed to renewed trade uncertainty after the Supreme Court struck down most of Trump’s global tariffs. Trump announced plans to raise tariffs to 15 percent, despite only being allowed to do so for 150 days without approval. The European Commission is seeking clarity on the U.S.’s next steps and emphasized the importance of honoring trade commitments outlined in the EU-U.S. Joint Statement of August 2025.

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