U.S. Treasury yields surged during Asian trading on Thursday after a U.S. federal court blocked President Donald Trump's proposed "Liberation Day" tariffs, boosting investor confidence and reducing demand for traditional safe-haven assets.
Following the ruling by the Manhattan-based Court of International Trade—which found that Trump exceeded his authority in imposing sweeping tariffs on imports from countries with trade surpluses with the U.S.—investors sold off bonds, gold, and safe-haven currencies like the yen and Swiss franc.
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