On May 23, according to The Kobeissi Letter, the yield on the 10-year Treasury bond rose by 6 basis points after U.S. Treasury Secretary Bessant said that "the 90-day suspension proposed on April 2 was based on sincere negotiations. Trump believed that the EU's proposal was of low quality and hoped that doing so would encourage the EU to take action." When the market turned downward due to Trump's announcement of a 50% tariff on the European Union and a 25% tariff on apples, Besent touted the trade "deal" on Fox News. It seems that he may not have received the memorandum that the purpose of announcing the tariffs was to reduce U.S. bond yields, which Basent had just offset Trump's wanted decline in yields. However, the S & P 500 is now 200 points down from its high, and the "trade deal" headlines have not helped reduce U.S. bond yields.