US Assets Under Pressure Amid 'Sell America' Trade Resurgence

The 'Sell America' trade is experiencing a resurgence as investors question whether U.S. assets can maintain their long-standing appeal to global portfolios.

Mounting concerns over Washington's trade and fiscal policies, uncertainty surrounding the Federal Reserve's independence, weakening foreign demand for U.S. Treasuries, and central bank gold buying are prompting fund managers to reassess their preference for American markets.

The World Gold Council reported that gold accounted for approximately 27% of global official reserve assets by market value in 2025, while the share of U.S. Treasury securities declined to about 22%. Central banks purchased more than 1,000 metric tonnes of gold annually between 2022 and 2024.

Fed independence has come under scrutiny following reports that President Donald Trump maintained regular contact with Federal Reserve Chair Kevin Warsh.