The US President trying to strongarm China to getting what he wants is a dangerous game as China holds so much power as to the financing ability of the US that they could potentially impact the effectiveness of the tax reform long term which needs to be financed by more debt which are already at staggering levels. I am surprised that China has not sent these signs yet although they probably still have some room with retaliations of their own.
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I saw that China has stepped up sales of US Treasuries which explains to me why yields spiked back over 3% with a big 7 basis point move. The next Treasury auction could be very important. I will predict that we will see 3.25% before too long.