Global financial markets were hit by a sweeping selloff after President Donald Trump’s bid to remake the world trading order proved more aggressive than expected.

Shares tumbled with an index in Japan sinking to the lowest level in almost eight months. US 10-year Treasury yields slumped to the lowest level in more than five months with the flight to havens also strengthening the Japanese yen and gold, which touched a record high. From Apple Inc. to Toyota Motor Corp. and Nike Inc., global corporations relying on international supply chains retreated. US and European equity-index futures fell along with the dollar.