UK 10-year gilt yields rise after Trump announces more tariffs
LONDON, March 5 (Reuters) - Yields on British government bonds climbed on Wednesday as global markets braced for a hit to economic growth after U.S. President Donald Trump announced more trade tariffs to come next month in a speech on Tuesday.
New 25% tariffs on imports from Canada and Mexico took effect on Tuesday, along with fresh duties on Chinese goods. Trump, in a speech to congress, said that further tariffs would follow on April 2, including reciprocal tariffs on other countries.
Ten-year gilt yields GB10YT=RR were at their highest level since January 16, up about 15 bps on the day at 4.708% at 0816 GMT.
Interest rate futures pointed to about 53 basis points of reductions to the Bank of England's Bank Rate by December this year, compared with 61 bps on Tuesday which represented a full pricing of just over 2 quarter-point rate cuts.
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