U.S. stocks closed sharply lower on Wednesday as Treasury yields spiked on worries that U.S. government debt would swell by trillions of dollars if Congress passes President Donald Trump's proposed tax-cut bill.

Wall Street slumped under the weight of pressure from the bond market, where Treasury yields climbed on worries about the U.S. government’s spiraling debt and other concerns.

Asian shares have followed Wall Street lower after shares slumped under pressure from the bond market due to worries over U.S. debt