According to online reports, John Waldron, president of Goldman Sachs Group, said that bond traders are increasingly worried about the rising level of U.S. government debt, which has now become a greater risk than tariffs. "Although all focus has been on tariffs before, I think the focus is indeed shifting, especially in the bond market, to the U.S. budget debate and the fiscal situation, which I think is a bit worrying," John Waldron said."I think the biggest risk at the macro level right now is actually no longer tariffs."