The International Monetary Fund forecast on Tuesday that the trade wars launched by President Donald Trump will cause a multiyear drag on global growth, with the potential for escalation and cascading consequences because of intertwined supply chains.

Fewer than 100 days into Trump’s presidency, financial markets already are treating the United States as the poorly managed, crisis-prone and unstable country it is fast becoming. In past financial crises, investors flocked to the safety of U.S. Treasury bonds — even in 2008, when the global financial crisis stemmed from the American housing market meltdown. This time, investors are dumping Treasurys, too, shunning virtually all American assets, as if the U.S. were a Latin American country in the 1970s.