5 years ago, during the outbreak of the COVID-19 pandemic, this global public health event led to a sudden halt in economic activity and a halt in U.S. stock trading. The Federal Reserve had to initiate quantitative easing to rescue the market, which included the massive issuance of 5-year Treasury bonds by the U.S. government.
5 years later, a total of $9.2 trillion in U.S. Treasury debt will mature, of which $6.5 trillion will mature in June, accounting for more than 2/3 of the total debt maturity for the year.
Trump chose this time to launch a global trade war, granting a 90-day grace period, likely using tariffs as bargaining chips to encourage the world to continue buying U.S. debt, swapping short-term debt for long-term debt, and other means of debt resolution.