Rising U.S. debt, projected to increase by $3 trillion to $5 trillion due to President Trump's tax bill, is causing a market sell-off. Increased Treasury yields, reaching 5% for the 30-year bond, are impacting stock prices. Conversely, the "sell U.S." narrative is boosting emerging markets, with analysts citing attractive valuations and thawing U.S.-China trade tensions as reasons for optimism.

Prepared by Christopher Adams and reviewed by editorial team.