President Trump’s announcement in April of sweeping tariffs – starting at a base rate of 10 per cent for all countries and escalating for China and specific product categories – triggered immediate turbulence across the global stock and bond markets.
Investors reacted sharply, with inflation fears propelling US Treasury yields higher by as much as 30 basis points on 10-year and 30-year bonds. Yet paradoxically, despite rising interest rates, the
