For weeks on Wall Street, markets were unusually subdued as President Donald Trump threatened to discard the post-World War II order by asserting US dominance over the Western Hemisphere — including by military force. But his drive to take over Greenland, the territory of NATO ally Denmark, has thrown the transatlantic alliance into further disarray. And markets are responding.

Greeted this morning by a sharp drop in Japanese bonds on concerns over the country’s finances, as well as the latest saber-rattling from the White House, Wall Street plunged back into the “Sell America” trade. Investors sent Treasuries and the dollar sliding as the S&P 500 dropped as much as 1.9% by midafternoon.

- Sudden Japan bond crash unleashes turmoil on trading floors

- Greenland’s prime minister tells people to prepare for possible invasion