--- title: "Global capital heavily invested in the United States: What is the feasibility of the \"Sell America\" trade?" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/273396727.md" description: "The discussion around \"selling America\" has heated up again, and analysts believe this trading theme will not disappear. Although market sentiment had calmed due to news about Trump and Greenland, global investors' allocation to U.S. assets remains highly concentrated, holding approximately $68.9 trillion in U.S. assets. Trump's policies have caused unease, and the market is beginning to reassess whether investors will adjust their allocation direction. In the short term, the likelihood of a large-scale withdrawal from U.S. assets is low, but some Nordic pension funds have signaled adjustments" datetime: "2026-01-22T15:52:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/273396727.md) - [en](https://longbridge.com/en/news/273396727.md) - [zh-HK](https://longbridge.com/zh-HK/news/273396727.md) --- > 支持的语言: [English](https://longbridge.com/en/news/273396727.md) | [繁體中文](https://longbridge.com/zh-HK/news/273396727.md) # Global capital heavily invested in the United States: What is the feasibility of the "Sell America" trade? The discussion around "selling America" has recently intensified. Although market sentiment briefly calmed after news emerged about President Trump reaching an agreement regarding Greenland, analysts generally believe that this trading theme will not simply disappear. Looking back to last year, the market was abuzz with discussions about "de-dollarization," with concerns that Trump's tariff-centric trade policies could lead global investors to significantly reduce their allocations to U.S. assets. However, the reality did not evolve as some had feared. According to data from the U.S. Treasury, overseas investors net purchased U.S. securities amounting to a staggering $1.27 trillion in the first 11 months of last year, with a significant portion of this capital flowing into Wall Street driven by the AI boom. Since then, however, the situation has clearly changed. A series of controversial policies introduced by Trump since taking office have been viewed by the market as undermining the transatlantic political and economic order established over the past few decades, reigniting discussions about shorting U.S. assets. From a stock perspective, global investors indeed hold a vast amount of U.S. assets. The latest official statistics show that overseas investors hold approximately $68.9 trillion in U.S. assets, while the U.S. holds about $41.3 trillion in overseas assets, resulting in a difference of approximately $27.6 trillion. This difference represents the U.S. net international investment position, which has reached a historical high, both in nominal terms and as a percentage of GDP (over 90%). In trading terms, this indicates that the global stance on the U.S. is "net long." Such a highly concentrated allocation, especially in equity assets, is increasingly viewed by many investors as the "sword of Damocles" hanging over the U.S. market. Against the backdrop of Trump's hardline policies causing unease in several European countries, the market is beginning to reassess whether global investors are willing to maintain this highly concentrated position or gradually adjust their allocation direction. **Cautious Adjustment Rather Than Collective Withdrawal** In the short term, the likelihood of a large-scale withdrawal from U.S. assets is still considered low. Some Nordic pension funds have signaled adjustments, but their impact is limited. U.S. Treasury Secretary Mnuchin stated this week that such institutions are relatively small and unlikely to have a substantial impact on the overall market. However, this discussion has also brought the concept of "mutually assured destruction in finance" back into focus. Unlike previous assumptions, this term is now more commonly used to describe the potential financial game between Europe and the U.S. Past experience shows that even if overseas investors gradually adjust their U.S. Treasury holdings, it may not necessarily trigger severe market turmoil. The ebb and flow of demand can often hedge against the pressure of reductions in a single region. Deutsche Bank strategist George Saravelos estimates that European countries collectively hold about $8 trillion in U.S. stocks and bonds, nearly double the total held by other regions. Although trust in U.S. policy directions has declined among some European countries, rebuilding trade relationships, supply chains, and strategic partnerships takes time; a rapid "de-Americanization" is fraught with challenges and high risks. As Sarah Bauerle Danzman, a senior fellow at the Atlantic Council, stated, reshaping the global economic landscape will inevitably involve significant wealth losses, "which is precisely why all parties are aware yet still exercise restraint." **The Risk of Slowing Capital Inflows** Analysts point out that the real risk may not come from large-scale capital outflows, but rather from a slowdown in the pace of overseas capital inflows, which could depress U.S. asset prices and gradually erode the market narrative of "American exceptionalism." The U.S. still faces a massive current account deficit and requires continuous overseas capital inflows to bridge the gap. The deficit has narrowed in the past two quarters, and protectionist trade policies may further improve this situation in the short term, but a net capital inflow of over $1 trillion per year is still needed. Data shows that in the first 11 months of last year, overseas investors net purchased $1.27 trillion in U.S. securities, with stock investments reaching $663 billion, significantly higher than previous levels. Brad Setser, a senior fellow at the Council on Foreign Relations, noted that "global allocation to U.S. assets has become very concentrated; the key is not to persuade investors to continue holding but whether we can attract them to buy more." **European Capital Movements Remain Resilient** In terms of specific flows, European capital remains a significant support for U.S. Treasury bonds. Portfolio data tracked by Citigroup shows that from April to November last year, Europe accounted for about 80% of foreign purchases of U.S. Treasury bonds. After Trump announced a large-scale "liberation day" tariff policy in April, Europe contributed the vast majority of the increase in foreign-held U.S. debt, with the overseas holdings of U.S. Treasuries reaching a historic high in November. Of course, there are also signs of localized adjustments. This week, Swedish pension fund Alecta announced that it had sold off most of its U.S. Treasury holdings over the past year, while Denmark's AkademikerPension plans to clear its related holdings by the end of this month. However, with Trump recently softening some of his hardline statements and financial market sentiment stabilizing, analysts believe that what is more likely to occur now is a gradual rebalancing rather than an aggressive "sell America." Citigroup analysts noted in their report that although the narrative around "selling America" will continue to resurface, there have been no clear signs of large-scale selling of U.S. assets by European investors to date ### 相关股票 - [SPDR Djia (DIA.US)](https://longbridge.com/zh-CN/quote/DIA.US.md) - [VG Financial (VFH.US)](https://longbridge.com/zh-CN/quote/VFH.US.md) - [JPMorgan Equity Premium Inc ETF (JEPI.US)](https://longbridge.com/zh-CN/quote/JEPI.US.md) - [ISHRS Us Brokers & Sec Exchg (IAI.US)](https://longbridge.com/zh-CN/quote/IAI.US.md) - [iShares Dow Jones US (IYY.US)](https://longbridge.com/zh-CN/quote/IYY.US.md) - [iShares MSCI USA Min Vol Factor ETF (USMV.US)](https://longbridge.com/zh-CN/quote/USMV.US.md) - [Invesco S&P 500 Eq Wgt ETF (RSP.US)](https://longbridge.com/zh-CN/quote/RSP.US.md) - [Fidelity MSCI Financials Index (FNCL.US)](https://longbridge.com/zh-CN/quote/FNCL.US.md) - [iShares MSCI USA Value Factor ETF (VLUE.US)](https://longbridge.com/zh-CN/quote/VLUE.US.md) - [Ps S&P Low Vol (SPLV.US)](https://longbridge.com/zh-CN/quote/SPLV.US.md) - [Dow Jones U.S. Index (.DJUS.US)](https://longbridge.com/zh-CN/quote/.DJUS.US.md) ## 相关资讯与研究 - [Lucrative bets that anticipated Trump's policy surprises warrant scrutiny, experts say](https://longbridge.com/zh-CN/news/280904933.md) - [Trump admin presents new plan to slash two thirds of consumer watchdog workforce](https://longbridge.com/zh-CN/news/281386267.md) - [Trump says he cannot comment on what US will do if missing pilot in Iran is harmed, The Independent says](https://longbridge.com/zh-CN/news/281662134.md) - [TREASURIES-US bonds recover as markets digest Trump's speech, Iran's Strait of Hormuz news](https://longbridge.com/zh-CN/news/281555303.md) - [Federal Reserve officials signal caution as rate path remains unclear](https://longbridge.com/zh-CN/news/281639782.md)