Treasury 10-year yields may drop to 1.75% by year-end if the U.S.-China trade war goes full throttle, says Western Asset Management LLC.

Yields may keep falling even though they have already tumbled to about 2.10% from a seven-year high of 3.26% set in October, according to portfolio manager Mark Lindbloom. The trigger: a cocktail of lower inflation, cooling global growth and a worsening in U.S.-China trade tensions.

“There’s nothing special about 2 percent for 10-year notes,” Lindbloom said. “If we were to go down that path, we would be quick to add duration.”

Fed policy makers will meet Tuesday and Wednesday to set rates, with many economics and bond traders ratcheting up bets they will ease this year to boost the economy.