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The recent boost in US treasuries and the depression of stock markets around the world, especially in China, have been a side effect of the fears over a possible escalation of the trade war between China and the US, fueled by the Trump's administration.
As it usually happens in these cases, investors don't have the patience to wait until the dust settles and see the real impact on the single companies they own. They just hit the "sell" button, regardless of how low the selling price is.