On May 23rd, COINOTAG News reported crucial market movements following comments from Treasury Secretary Benson regarding the proposed 90-day halt on trade negotiations. The *Kobeissi Letter* highlighted that this pause was rooted in genuine discussions, although former President Trump criticized the European Union’s proposal as inadequate. This sentiment contributed to a noticeable increase in the US 10-year Treasury yield, which spiked by 6 basis points.
The market sentiment turned **bearish** in response to Trump’s announcement of a steep 50% tariff on EU imports and a 25% levy on Apple products. In a contrasting move, Benson appeared on Fox News to advocate for the “trade agreement,” seemingly unaware that the tariff strategy was aimed at depressing US bond yields. Consequently, Benson’s remarks inadvertently countered Trump’s intended outcome. Following these developments, the S&P 500 index experienced a significant decline, shedding 200 points from its peak, indicating investor concerns over the efficacy of the proposed *trade agreement* in stabilizing bond yields.