Market turmoil extended into Wednesday, as stocks across Europe and Asia dropped as significantly higher import taxes on goods entering the United States went into effect.

The tumult also hit government bond markets, sending yields higher, as investors moved away from traditional haven assets during times of economic turmoil. The yield on 10-year U.S. Treasuries jumped to 4.38 percent, as bonds sharply sold off for another day.

President Trump uprooted markets last week with the announcement of tariffs on countries across the world. On Wednesday, significantly higher “reciprocal” import taxes went into effect for goods arriving from many major trading partners, with taxes on imports from China exceeding 100 percent.

Stocks in Asia slumped on Wednesday, following a day on Wall Street when markets whipsawed. Taiwan was the worst hit, sinking more than 5 percent. Benchmark indexes were down more than 3 percent in Japan and almost 2 percent in South Korea. Stocks listed in Hong Kong were roughly flat, while those listed in Shanghai gained slightly.

The Stoxx Europe 600 dropped 2.6 percent in early trading. The FTSE 100 in London fell more than 2 percent along with the benchmark indexes in Frankfurt, Paris and other European financial capitals.

In the United States, the S&P 500 ended trading on Tuesday near a bear market, which is a 20 percent drop from a recent peak — a symbolic, and relatively rare and worrisome, threshold for investors. It closed 18.9 percent below its mid-February record, having plunged more than 12 percent just in the days since Mr. Trump announced his new tariffs.

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