US President Donald Trump has vowed a “major retaliation” if European countries begin selling off American assets in response to his tariff threats. At the World Economic Forum in Davos, Trump told Fox Business, “If they do that, well, go ahead. But if it happens, there will be major retaliation from us. And we hold all the cards.” The threat reflects the administration’s readiness for economic confrontation with Europe over issues related to Greenland and trade.

Speculation about a potential sell-off of US assets arose after Danish pension fund AkademikerPension announced plans to divest $100 million in US Treasury bonds. Meanwhile, Greenlandic fund SISA Pension is reviewing its investments in US equities. However, implementing a "Sell America" strategy could prove challenging, as most American assets are held by private funds, which are not subject to government control. Still, large holders like Norway's sovereign fund could potentially influence markets.

US Treasury Secretary Scott Bessent downplayed the significance of the Danish fund's asset sales, stating in Davos, “Denmark’s investment in US Treasury bonds, like Denmark itself, is irrelevant. They have been selling Treasury bonds for years.” Bessent's position highlights the administration's belief that Europeans are incapable of causing significant harm to US financial markets through asset divestment.