欧洲的“10万亿美元武器”：用美债美股反制特朗普，说起来容易做起来难

Core Viewpoint - The article discusses the potential for European countries to respond to U.S. President Trump's threats regarding Greenland by selling U.S. assets, which could impact U.S. borrowing costs and stock markets, although such actions are deemed unlikely due to the complexities involved [1][5]. Group 1: European Holdings of U.S. Assets - European countries hold trillions of dollars in U.S. debt and equities, with a significant portion owned by public sector funds [1]. - The total value of U.S. assets held within the EU exceeds $10 trillion, with additional holdings from the UK and Norway [1]. - The potential for European public sector investors to halt or reduce their U.S. asset holdings is contingent on significant escalation of tensions [2]. Group 2: Market Reactions and Economic Implications - The escalation of tensions has negatively affected U.S. stock index futures, European markets, and the dollar, while benefiting safe-haven assets like gold and the Swiss franc [5]. - The EU's most concrete response so far includes a proposal to halt the approval of a trade agreement with the U.S. and discussions on imposing tariffs on $108 billion worth of U.S. goods [5]. - Any move to weaponize European holdings of U.S. assets would signify a serious escalation, transforming a largely ignored trade war into a direct financial conflict [5]. Group 3: Investor Behavior and Market Stability - Investors concerned about overexposure to U.S. assets may have already reduced their holdings following Trump's previous tariff actions, leading to a rebalancing of dollar positions [6]. - Despite the pressure on the dollar, U.S. Treasury bonds have had their best year since 2020, and U.S. stock markets continue to reach record highs [6]. - The EU lacks the ability to force private sector investors to sell dollar assets but can encourage investment in euro-denominated assets [6].