Trump was poised to impose sweeping new reciprocal tariffs today, details of which were still being formulated and closely held ahead of an announcement ceremony in the Rose Garden at the White House scheduled for 8pm.

German 10-year bond yield, the benchmark for the euro zone bloc, was flat at 2.685, having dropped for five straight sessions, as traders flocked to safe-haven assets in nervous anticipation ahead of what Trump calls “Liberation Day”.

Yields move inversely to prices.

“The EU has a “strong plan” to retaliate against tariffs imposed, and set to be imposed, by Trump, although it would prefer to negotiate a solution,” EU executive chief Ursula von der Leyen said yesterday.

Italy’s 10-year yield was also steady at 3.796%, and the gap between Italian and German 10-year bond yields narrowed to 110 bps.

French 10-year bond yields held at 3.404%.

Germany’s two-year bond yield, which is more sensitive to European Central Bank rate expectations, was little changed at 2.02%.