The narrative suggesting investors should "Sell America" has resurfaced, driven by skepticism surrounding US policies. This idea initially gained traction in April 2025, following President Donald Trump's "Liberation Day" tariffs targeting numerous countries. It was further reinforced in early January during the president's campaign to acquire Greenland, a move that particularly alienated European allies.
Despite these concerns, the United States continues to boast the world's most extensive and liquid financial markets. The US dollar maintains its position as the leading global currency, and US Treasuries are widely regarded as the premier safe-haven asset. However, the recurring debate reflects a growing unease among some global investors regarding the implications of recent US actions on asset values.
While the US market, comprising about half of the global market capitalization of publicly traded stocks, is too significant to completely disregard, a subtle shift in investor sentiment is taking place. This marginal shift could potentially weaken US equities compared to their international counterparts. The "Sell America" notion also gained a second wind later in 2025 when other developed markets, especially in Europe and Japan, showed a rare period of outperformance, leading to foreign money propping up lofty US share valuations. The "Sell America, Buy Asia" strategy, however, faced a reevaluation following the Iran War in March 2026, which saw a shift back towards US assets as a haven.
