Big investors say they are diversifying their bond portfolios to include greater exposure to markets outside the US as Donald Trump’s trade war and the country’s growing deficit erode the appeal of the world’s biggest debt market.
US debt markets have been hit in recent days by the president’s “big, beautiful” tax bill, which was passed by the House of Representatives on Thursday and threatens to sharply increase the country’s public debt.
The rising concerns over the level of government borrowing follow wild swings for Treasuries during the fallout from Trump’s tariff blitz last month, when US debt failed to play its traditional role as a refuge from market stress.
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