U.S. government debt prices rose on Monday as trade worries resurface and rattle investors.
The yield on the benchmark 10-year Treasury note was lower at 2.911 percent as of 9:44 a.m. ET, while the yield on the 30-year Treasury bond slipped to 3.043 percent. Bond yields move inversely to prices.
On Friday, President Donald Trump announced that the U.S. would inflict tariffs that would impact up to $50 billion worth of Chinese goods. According to Washington, the action comes "in light of China's theft of intellectual property and technology and its other unfair trade practices."
Consequently, the move triggered China to retaliate, with Beijing announcing its own selection of duties on U.S. goods. The Chinese State Council's commission on tariffs and customs stated that a 25 percent tariff would occur in early July on $34 billion of U.S. products.
Markets have been on edge, with stocks in the Asia-Pacific region and Europe all trading deep in the red. U.S. stocks also fell sharply in early trade.
Investors in the bond market will also look to the central bank space as several Federal Reserve officials are set to speak.
Atlanta Fed President Raphael Bostic will deliver remarks at the Rotary Club of Savannah in Savannah, Georgia. In New York, its incoming Fed President John Williams is expected to appear at the Reforming Culture and Behavior in the Financial Services Industry: Progress, Challenges, and the Next Generation of Leaders event.
The speeches come less than a week after the U.S. Federal Reserve decided to increase its short-term interest rate by a quarter percentage point, and indicated two more increases would likely occur by the end of 2018.
—CNBC's Jacob Pramuk and Evelyn Cheng contributed to this report