U.S. Treasury yields declined on Wednesday, tentatively retreating from a sell-off that spurred a flight from U.S. assets on Tuesday, as fresh tariff threats ignited renewed ‘sell America’ trade fears.

At 4:30 a.m. ET, the benchmark 10-year Treasury yield was lower by over 2 basis points to 4.27% — it topped 4.3% at the high of the day on Tuesday. The 30-year Treasury bond was also 2 basis points lower, at 4.896%. The 2-year Treasury note yield was 1 basis point lower to 3.584%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

On Saturday, U.S. President Donald Trump threatened tariffs against eight European allies, starting at 10% on Feb. 1 and rising to 25% on June 1, as Washington continued to insist on reaching a deal to “buy” Greenland, an independent territory in the Kingdom of Denmark.

European leaders have hit back against Trump, calling the tariff threats “unacceptable,” and are weighing countermeasures against the U.S.

The planned duties have raised fears about a “sell America” trade, which could see investors place a higher risk premium on U.S. investments and even dump U.S. assets because it’s no longer seen as a reliable trading partner.

Danish pension operator AkademikerPension said Tuesday it is exiting U.S. Treasurys due to “poor [U.S] government finances,” with the fund currently holding $100 million in U.S. Treasurys.

“It is not directly related to the ongoing rift between the [U.S.] and Europe, but of course that didn’t make it more difficult to take the decision, “Anders Schelde, AkademikerPension’s investing chief, previously said in a statement to CNBC.

U.S. Treasury Secretary Scott Bessent shrugged off the move on Wednesday, saying “Denmark’s investment in U.S. Treasury bonds, like Denmark itself, is irrelevant.”