欧洲开始反击，威胁抛售万亿美债

Core Viewpoint - The ongoing conflict between Europe and the United States has escalated, particularly regarding the U.S. threats to impose tariffs and the European response, including the potential sale of U.S. Treasury bonds by Denmark's pension fund, signaling broader implications for U.S.-EU relations [1][3]. Group 1: U.S. Treasury Bonds and Market Reactions - Denmark's pension fund announced plans to sell $100 million in U.S. Treasury bonds, citing the U.S. as no longer a reliable credit entity, which led to a significant drop in U.S. bond prices and a rise in bond yields, with the 30-year yield reaching 5% [1][3]. - The announcement from Denmark triggered a market reaction, with U.S. Treasury yields hitting a five-month high on January 20, indicating a sharp decline in bond prices and a concurrent surge in gold prices [3][4]. Group 2: European Union's Asset Holdings and Potential Actions - The total value of U.S. securities held by Europe, including bonds and stocks, is close to $10 trillion, with the EU's recent "Anti-Coercion Instrument" allowing for asset sales as a countermeasure against economic pressure from third countries [4][8]. - Although the EU has the theoretical capacity to sell trillions in U.S. assets, practical execution would be challenging, as a sudden sale could lead to significant losses for Europe, making it an impractical strategy [7][8]. Group 3: Challenges in EU's Collective Action - The EU's ability to coordinate a collective sale of U.S. assets is hindered by the need for unanimous agreement among its 27 member states, complicating any potential action against the U.S. [10][11]. - The lack of a cohesive strategy among EU member states, combined with the potential for individual countries to resist collective action, undermines the EU's threat to sell U.S. assets [11][12]. Group 4: Implications of the U.S.-EU Conflict - The ongoing tensions and threats from both sides reflect a broader geopolitical struggle, with the EU's threats seen as largely rhetorical rather than actionable, given the military and economic dominance of the U.S. [13]. - The potential for significant market disruption exists if the EU were to execute a large-scale asset sale, but such an action would likely be detrimental to both parties, indicating a preference for negotiation over confrontation [9][12].