The tensions between the United States and Europe returned to the center of the global scene after President Donald Trump warned of a “great retaliation” if European countries started selling American assets in response to threats of trade tariffs.
The statement was made during an interview with Fox Business at the World Economic Forum in Davos, reinforcing the perception that the current global economic cycle is increasingly marked by geopolitical disputes, protectionism and realignment of capital flows.
According to Trump, if Europe moves forward with disinvestment measures in US assets, the American response will be overwhelming. The president’s speech highlights a scenario in which economic decisions come to be treated as strategic tools of power.
The warning arises amid the decision of the Danish pension fund AkademikerPension to plan the sale of their shares in US Treasury bonds by the end of January, citing risks associated with US economic policies. According to the fund’s investment director Anders Schelde, long-term US fiscal sustainability is a cause for concern.
The fund, which manages about US$25 billion in teacher and academic savings, had approximately US$100 million in US Treasury bonds at the end of 2025. At the same time, Greenland’s SISA pension fund also indicated that it assesses the continuity of its investments in American shares.
The episode is inserted in a broader context of commercial tensions. Trump’s previous threats to raise tariffs on European products, coupled with the geopolitical dispute involving Greenland, fuelled speculation that Europe could drastically reduce its exposure to American assets — a strategy that, if implemented on a large scale, would have the potential to profoundly impact global financial markets.
However, the execution of a measure of this magnitude is complex. Most American assets are in the hands of private funds, out of direct government control. Still, large institutional investors, such as sovereign funds and pension funds, are able to influence markets if they promote coordinated sales movements.
The Secretary of the Treasury of the United States, Scott Bessent, minimized the potential impact of the decision of the Danish fund, stating that it does not see relevant risks in the short term. Nevertheless, the episode reinforces the perception that the global financial system is entering a phase of greater fragmentation and strategic dispute.
For markets, this type of tension goes beyond a political dispute. It represents a clear sign of reconfiguration of capital flows, increased risk aversion and strengthening of assets considered refuge, such as gold and other strategic commodities.
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