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.

Global markets are reeling over President Donald Trump’s haphazard approach to tariffs and an escalating trade war with China. Stocks have been volatile, and an unsettling shift has emerged in the bond market.

The yield on the benchmark U.S. Treasury bond fell sharply in the weeks after President Donald Trump took office in January, as U.S. sovereign debt markets rallied. But one measure of risk embedded in that number remained stubbornly positive,