Asian stocks rose on Tuesday while U.S. Treasury yields steadied allowing a bit of a breathing room for the U.S. dollar as investors took stock of the debt load of the world's biggest economy and awaited trade deals.

Treasury Secretary Scott Bessent downplayed the U.S. credit downgrade as a "lagging indicator" of economic and fiscal conditions, after Moody's took the U.S. off its top tier.

White House National Economic Council Director Kevin Hassett criticized Moody’s Ratings over its decision to lower the US credit rating, calling the move backward-looking and saying the Trump administration is committed to lowering federal spending.

For a minute there, it looked like the “Sell America” trade was poised to make a comeback on Monday after Moody’s decided to strip the U.S. of its top-tier credit rating late Friday.

Investors largely shrugged off a downgrade of the U.S.'s credit rating in Monday trading as stocks ended the day mostly flat.

If the U.S.’s loss of its final perfect credit rating boosts yields on Treasury debt, it likely would boost the cost of borrowing for both companies and consumers.

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