Wall Street had its worst week since early April after President Trump said he would impose steep tariffs on E.U. goods and targeted Apple with a tax on foreign-made iPhones.

A top Federal Reserve official said the steep cost of President Trump’s major policy bill caught the bond market off-guard, leading to a spike in U.S. interest rates. In a Thursday

The "sell America" trade hasn't waned among global investors surveyed by JPMorgan even as US stocks have rallied back after April's tariff chaos.

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President Trump's threat of 50% tariffs on European goods, starting June 1, were in focus ahead of the long U.S. holiday weekend. Trump also warned Apple that it faces a potential levy relating to its iPhone.

Yields on government debt have risen as Congress weighs Trump’s budget plan. Meanwhile, interest on the debt is approaching $1 trillion a year – on par with proposed Defense spending.

That yield shows roughly how much in interest the U.S. government needs to pay investors to get them to lend it cash for 10 years. Washington needs that cash because it consistently spends more than it takes in through tax revenue. And when bond investors are more wary of lending to the U.S. government, yields for Treasurys rise.

Treasury Inflation Protected Securities (TIPS) are a good bet to beat nominal (non-inflation-protected) U.S. Treasurys if inflation expectations worsen more than they have already.