LIKE THE MEASLES BREAKOUT, WHAT’S OFTEN PRESENTED AS A U.S. PHENOMENON IS ACTUALLY A GLOBAL ONE, AND WORSE ELSEWHERE: Think Treasurys Are Having a Rough Summer? It’s Even Uglier Abroad: Countries with large debt burdens—France, Italy, the U.K., Japan—have come under the heaviest pressure in recent months.

The selloff in U.S. Treasurys has captured global attention, but bond markets overseas have been getting hit even harder.

The jump in U.S. borrowing costs—and Treasury Secretary Scott Bessent’s intervention to bring them back down—has shone a spotlight not just on America’s growing debt problem but the world’s.

Global debt has surpassed $350 trillion, according to the Institute of International Finance, or about 305% of global gross domestic product. Governments in advanced economies alone are expected to borrow $18 trillion this year, according to the OECD, and are increasingly competing for buyers with stocks and bonds issued by U.S. tech companies.

While global bond yields have eased this week, they remain near their highest level in more than a decade in several countries. Countries with large debt burdens—France, Italy, the U.K., Japan—have come under the heaviest pressure in recent months.

Something that can’t go on forever, won’t.