Is the world running away from American assets? That is a question numerous commentators have asked after US President Donald Trump unleashed trade tariffs last year — and attacked erstwhile allies and foes alike.
And some hints of unease have recently emerged: a new survey by Bank of America suggests that investor sentiment towards the dollar is souring; a Danish pension fund is shying away from Treasuries; and some investors are shifting to non-US and non-tech equities because there is such a high concentration — and exuberance — around tech in US indices.
But this week, new data has emerged that offers an important cautionary note: the US Treasury reported that overseas investors bought a net $1.55tn of long-term US financial assets in 2025, up — yes, up — from a net $1.18tn in 2024. Of this, $442.7bn were Treasury notes and bonds, and $658.5bn equities.