treasuries are overwhelmingly impacted by federal reserve policy, not sure why you think trump would have much to do with it. if you compare US vs european treasuries since 2016 it's sort of a wash - the european ones are barely outperforming US ones, but the US ones consistently had better yields. and the big impact on US treasuries was interest rate changes, something trump has no say in
It will be more costly for the people doing this later, of course.