Treasuries have been a safe investment for decades, but that may be changing: ‘Other countries have a much better balance sheet’

U.S. Treasuries have long been a safe haven for investors the world over, offering security during times of market stress and uncertainty. But now, amid President Donald Trump’s unprecedented tariff bonanza and the possible end of globalization as we know it, that could be changing.

When the stock market sells off, investors in the U.S. and abroad typically find some safety in Treasuries, which are backed by the U.S. government. But something shifted in this week’s stock market chaos...