China might be beginning to back away from U.S. debt as investors get nervy about over-exposure to American assets

If there’s one thing that catches the attention of the second Trump administration, it’s how foreign investors behave toward U.S. assets. Perhaps most notably, it’s their attitude toward the safe-haven of U.S. Treasuries.

Last month, Deutsche Bank earned the ire of Treasury Secretary Scott Bessent after one of its analysts suggested foreign investors may leverage their holdings of U.S. borrowing and equities against the White House’s threats over the sovereignty of Greenland. While Bessent...