The "Sell America" ​​Phenomenon: Why Global Investors Are Leaving the United States

The phenomenon known as "Sell America" has emerged as one of the most discussed terms in global financial markets during 2025 and early 2026. It refers to an investment strategy or movement in which market participants—especially foreign institutional investors—coordinately or massively sell assets denominated in US dollars. This includes Treasury bonds, shares of US companies, the dollar itself in the foreign exchange market, and, sometimes, other instruments linked to the US economy.

The term gained traction in the spring of 2025 following the announcement of massive tariffs on so-called "Liberation Day" by the Trump administration, which generated fears of widespread trade wars, imported inflation, and a potential erosion of confidence in US stability. Investors began unwinding their positions in "American" assets while simultaneously seeking alternative safe havens: gold, silver, bonds from other developed countries, or even currencies like the euro or the yen.

In January 2026, the concept resurfaced strongly due to renewed geopolitical tensions. Threats to impose 10% tariffs (scalable to 25%) on several European countries—including Denmark, Norway, Germany, France, and others—unless the "full purchase" of Greenland was negotiated, triggered a new wave of selling. European pension funds, such as Denmark's AkademikerPension, publicly announced full or partial divestment from US debt, interpreted as the first real "trigger" of the Sell America strategy in this round.

The typical consequences of this movement are multiple and simultaneous:

• Decline of the dollar against other major currencies.

• Increase in Treasury bond yields (prices falling due to a massive sell-off).

• Stock market declines on Wall Street, especially in indices such as the S&P 500 and the Dow Jones.

• Rise in safe-haven assets such as gold (which has reached record highs) and silver.

Analysts agree that "Sell America" ​​reflects a profound narrative shift: the end (at least temporarily) of the perception of American "economic exceptionalism" and a growing distrust of the predictability of its policies. It's not just about tariffs or territorial disputes, but also about doubts regarding the independence of the Federal Reserve, the fiscal direction, and the reliability of the US as a global partner.

Although some previous episodes quickly subsided—with Trump moderating his position under market pressure—the recurrence of the phenomenon in 2026 suggests that investors no longer rule out the possibility that these threats will materialize.

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