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US Treasury yields fall on lingering worries over global trade

U.S. government debt prices ticked higher on Thursday as lingering worries over global trade prompted investors to buy safe-haven assets.

The yield on the benchmark 10-year Treasury note was lower at around 2.897 percent at 3:06 p.m. ET, while the yield on the 30-year Treasury bond slipped to 3.042 percent. Bond yields move inversely to prices.

U.S. Markets Overview: Treasurys chart

Markets around the globe continued to remain on tenterhooks, as fears of escalating tensions over trade shake up sentiment. Market-watchers have become increasingly jittery this week after President Donald Trump requested the United States Trade Representative to identify $200 billion worth of Chinese goods late Monday, for additional tariffs at a rate of 10 percent.

The additional tariffs followed levies announced by both nations last week. Beijing again reacted to Trump's statement, pledging to retaliate with counter measures.

"There is, however, good reason to believe Trump's trade tactics are less about blowing up the global economy than they are about pushing global trading dynamics towards a better semblance of balance. The net result, if successful, could be an increase in domestic capital investment," Steve Blitz, chief U.S. economist at TS Lombard, said in a note.

The Philadelphia Federal Reserve said its business conditions index fell to 19.9 percent in June, its lowest level since November 2016, adding to the bid in bonds Thursday.

Elsewhere, oil-producing nations are currently gathering in Vienna, with members of oil cartel OPEC and non-OPEC members set to decide on the future of an agreement that currently limits production. Crude futures fell on Thursday, as producers appeared to be nearing a deal that would look to raise production.