LONDON/SYDNEY, April 9 (Reuters) - Global markets took a pummelling on Wednesday as President Donald Trump’s eye-watering 104% tariffs on China came into effect, and a savage selloff in U.S. bonds sparked fears that foreign funds were fleeing U.S. assets.

This week has brought crisis-era volatility to markets, wiping off trillions of dollars in value from stocks and hitting commodities and emerging markets with force.

At the epicentre of the rout on Wednesday were U.S. Treasuries and the dollar, effectively the backbone of the global financial system…

The dollar - the ultimate safe haven in times of turmoil - fell broadly, as investors dashed into the likes of gold and the Swiss franc, accelerating the flight from stocks and industrial commodities.