Jane Foley, foreign exchange strategist at Rabobank, said the recent sell-off in US Treasuries has weakened Trump's leverage in talks with other countries to devalue the dollar. "If the Treasury market is more vulnerable, then he can't bully everyone to the same extent." Earlier this month, Trump announced a 90-day moratorium on higher reciprocal tariffs on most countries after a sharp drop in US Treasuries. Speculation has been circulating that Trump may seek a new "Plaza Accord", known as the "Mar-a-Lago Agreement", to devalue the dollar. If that happens, it will most likely be during a 90-day tariff moratorium in exchange for a trade deal. However, judging by Trump's reaction to the turmoil in US Treasuries, this seems unlikely, Foley said.