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Treasuries showed a lack of direction early in the session on Tuesday but moved to the upside over the course of the trading day.
Bond prices climbed firmly into positive territory in afternoon trading after spending the morning lingering near the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3.5 basis points to 4.308 percent.
Buying interest emerged after the Treasury Department revealed this month's auction $42 billion worth of ten-year notes attracted modestly above average demand.
The ten-year note auction drew a high yield of 4.342 percent and a bid-to-cover ratio of 2.60, while the ten previous ten-year note auctions had an average bid-to-cover ratio of 2.56.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
Treasuries also benefitted from their appeal as a safe haven amid ongoing trade uncertainty, as a lack of any concrete developments from trade talks has kept investors on edge.
During a meeting with Canadian Prime Minister Mark Carney, President Donald Trump expressed frustration with the media's repeated questions about when the U.S. will sign new trade deals even as he claimed he "could sign 25 deals right now."
"I wish they'd ... stop asking how many deals are you signing this week?" Trump said. "Because one day we'll come and we'll give you 100 deals."
In trade-related economic news, the Commerce Department released a report this morning showing the U.S. trade deficit spiked by much more than expected in the month of March.
The report said the trade deficit soared to a record high $140.5 billion in March from a revised $123.2 billion in February.
Economists had expected the trade deficit to widen to $129.0 billion from the $122.7 billion originally reported for the previous month.
The much bigger than expected trade deficit came as the value of imports surged by 4.4 percent to $419.0 billion, while the value of exports crept up by 0.2 percent to $278.5 billion.
The upward move by treasuries also came as traders looked ahead to the Federal Reserve's latest monetary policy announcement Wednesday afternoon.
CME Group's FedWatch Tool is currently indicating a 96.9 percent chance the Fed will leave interest rates unchanged, but traders will look to the accompanying statement for clues about the outlook for rates.
