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Treasury yields move higher after Trump's remarks on China deal

U.S. government debt prices were lower on Tuesday after President Trump said that a breakthrough with China, if it happens, will be announced in three to four weeks.

At around 4:07 p.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.412%, while the yield on the 30-year Treasury bond was also higher at around 2.852%.

U.S. Markets Overview: Treasurys chart

Traders are closely monitoring trade relations between the U.S. and China. This comes after China announced new tariffs on U.S. goods in response to newly-imposed duties by the White House. China announced Monday that it will raise tariffs on $60 billion worth of U.S. goods, beginning June 1. The goods targeted include a broad range of agricultural products.

However, comments from President Trump have brightened up prospects that there might be a deal in the coming weeks. "We'll let you know in three or four weeks if it's successful," he said, according to NBC News.