We have performed nonlinear transport measurements as a function of a perpendicular magnetic field in a semiconductor Aharonov-Bohm ring connected to two leads. While the voltage-symmetric part of the conductance is symmetric in the magnetic field, the voltage-antisymmetric part of the conductance is not symmetric. These symmetry relations are compatible with the scattering theory for nonlinear mesoscopic transport. The observed asymmetry can be tuned continuously by changing the gate voltages near the arms of the ring, showing that the phase of the nonlinear conductance in a two-terminal interferometer is not rigid, in contrast with the case for the linear conductance.