Why Even a Hint of ‘Sell America’ Rattles Global Markets

The US boasts the world’s deepest and most liquid financial markets. The dollar is the king of currencies. Treasuries are the preeminent safe-haven asset. And yet, a narrative has taken hold that it may be time for global investors to “Sell America.”

The idea can be traced to April 2025, when President Donald Trump upended the global trading system with “Liberation Day” tariffs targeting dozens of countries. It was revived in early January during the president’s campaign to take control of Greenland, which rankled allies, especially in Europe.