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For months now, bond investors have yearned for trade certainty. Well, now they're finally getting it—sort of.
What they're learning is that countries are being forced to pay hefty Trump tariffs, kind of like shakedown money to do business with the United States.
With some countries, it's entirely justified, and with others, it's closer to extortion. But regardless of where you stand, the bond market has serious reservations with the strategy, and that's a mortgage rate risk.
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