Long-term trends, including tariffs and trade policy; falling foreign demand for bonds; and rising deficits could put upward pressure on Treasury yields. To be clear, there are a lot of moves global investors can make in this direction. The U.S. is basically trying to use trade policy as leverage to get what it wants. Shifting AlliancesAlongside the de-dollarization trend, global trade patterns are shifting. “We think, going forward, there is going to be a greater need for more geographical diversification.