Helping to bring the Treasury yields down was renewed trade war fears. After the United States announced on Wednesday that it was considering an increase in tariffs on $200 billion worth of Chinese goods from 10% to 25%, China announced that it was preparing a $60 billion tariff retaliation on U.S. goods.

“We’ve said many times: no tariffs, no tariff barriers, no subsidies. We want to see trade reforms. China is not delivering, OK?,” National Economic Council Director Larry Kudlow said. “Their economy’s weak, their currency is weak, people are leaving the country. Don’t underestimate President Trump’s determination to follow through.”

Related: China Preparing $60B Tariff Retaliation on U.S. Goods

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