周三，美国10年期国债收益率飙升至4.5%左右，达到六周来的最高水平，因为投资者继续评估唐纳德·特朗普总统激进的关税政策对增长和通胀的影响。特朗普的互惠关税今天生效，包括对中国进口商品累计征收104%的关税。交易员还对贸易谈判缺乏具体进展感到失望，因为他们担心不断升级的全球贸易战可能会使美国经济陷入衰退。与此同时，美国国债收益率面临压力，外界猜测外国投资者因贸易相关政策担忧而抛售美国国债。与此同时，财政部周二拍卖了580亿美元的3年期国债，这是自关税宣布以来的首次息票供应。

The US 10-year Treasury yield surged to around 4.5% on Wednesday, hitting its highest levels in six weeks as investors continued to assess the impact of President Donald Trump’s aggressive tariff policies on growth and inflation. Trump’s reciprocal tariffs came into effect today, including a cumulative 104% levy on Chinese imports. Traders were also disappointed by the lack of concrete developments in trade negotiations amid worries that an escalating global trade war could push the US economy into a recession. Meanwhile, US yields came under pressure on speculation that foreign investors are dumping Treasuries due to trade-related policy concerns. Meanwhile, the Treasury Department auctioned $58 billion in 3-year notes on Tuesday, marking the first coupon supply since the tariff announcement.

美国10年期政府债券收益率升至4.40%的6周高点。在过去的4周里，美国10年期票据债券收益率上升了18.60个基点，在过去的12个月里下降了14.36个基点。

US 10 Year Government Bond Yield increased to a 6-week high of 4.40%. Over the past 4 weeks, US 10 Year Note Bond Yield gained 18.60 basis points, and in the last 12 months, it decreased 14.36 basis points.

美联储的古尔斯比：关税冲击远远超出预期；戴利呼吁谨慎。芝加哥联储主席奥斯坦·古尔斯比（Austan Goolsbee）和旧金山联储主席玛丽·戴利（Mary Daly）在全球关税战的不确定性加剧之际，一夜之间都显得谨慎。

Fed's Goolsbee: Tariff shock far exceeds expectations; Daly calls for caution.Chicago Fed President Austan Goolsbee and San Francisco Fed President Mary Daly both sounded cautious overnight amid rising uncertainty from the unfolding global tariff war.

从美国东部时间4月9日凌晨12:01（格林尼治标准时间凌晨4:01）开始，对来自数十个国家的美国进口商品的关税将上调，根据美国总统特朗普的新措施，中国产品将面临104%的累计关税。这一增长是在中国的报复性关税之后进行的，与特朗普最初34%的加息相匹配。作为回应，特朗普誓言要额外征收50%的关税。包括2月和3月的早期征税在内，特朗普第二任期内对中国商品的关税上调总额达到104%。尽管美国主要指数大幅下跌，经济学家也发出警告，称关税可能会推动通货膨胀，扰乱全球供应链，但这些举措还是出台了。特朗普仍然挑衅，声称该政策将通过鼓励公司回归来恢复美国的制造业基础。然而，许多专家质疑这种转变的可行性和时间表。北京谴责不断升级的贸易冲突，指责美国勒索，并誓言“将其打到底”

Tariffs on U.S. imports from dozens of countries will rise starting April 9 at 12:01 AM EDT (4:01 AM GMT), with Chinese products facing a cumulative tariff of 104% under US President Trump’s new measures. The increase follows China’s retaliatory tariffs, matching Trump’s initial 34% hike. In response, Trump vowed an additional 50% duty. Including earlier levies from February and March, the total tariff hike on Chinese goods during Trump’s second term reaches 104%. These moves come despite sharp declines in major U.S. indexes and warnings from economists, who caution that the tariffs could drive inflation and disrupt global supply chains. Trump remains defiant, claiming the policy will restore America’s manufacturing base by encouraging companies to return. However, many experts question the feasibility and timeline of such a shift. Beijing has condemned the escalating trade conflict, accusing the U.S. of blackmail and vowing to “fight it to the end.”