Shocked by Trump’s trade war, foreign investors are selling U.S. government bonds, long the world’s safe haven.

© Jason Andrew for The New York Times

Britain’s decision to leave the European Union in 2016 was sold to voters as a magic bullet that would revitalize the country’s economy. Its impact is still reverberating.

© Andrew Testa for The New York Times

Xi Jinping, who rules with absolute authority, has shown he is willing to let the Chinese people endure hardship. President Trump revealed he has limits.

© Dongyan Xu

In the usually steady government bond market, the yield on the 10-year Treasury has risen to about 4.5 percent from less than 4 percent at the end of last week.

© Rod Lamkey Jr. for The New York Times

While the S&P 500 rose, other corners of the financial markets showed that investors expect big swings to continue.

© Ashley Gilbertson for The New York Times

Xi Jinping, who rules with absolute authority, has shown he is willing to let the Chinese people endure hardship. President Trump revealed he has limits.

Investors are concerned about the continued escalation of the U.S.-China tariff battle — and the state of the president’s negotiating leverage.

Peter R. Orszag, the C.E.O. of Lazard, discusses how markets are reacting to the uncertainty of Trump’s tariffs.

A day after recording its best gain since 2008, the S&P 500 fell 3.5 percent on Thursday, showing that fears about tariffs hampering economic growth were still alive.

Most of the reciprocal tariffs might be gone for now, but slow growth, inflation and dings to American credibility remain.