U.S. government debt prices sank on Monday, amid news that President Donald Trump administration has reached a cease-fire with China on trade tariffs. The yield on the benchmark 10-year Treasury note was seen trading higher at 3.033 percent at around 5:30 a.m. ET, while the benchmark on the 30-year Treasury bond was also in the black, trading at 3.322 percent. Trump lauded a breakthrough on trade with China as "one of the largest deals ever made." Both Washington and Beijing agreed not to introduce any additional tariffs on each other's imports in the short term.