“欧洲手握3.6万亿美债，逼急了…”

Core Viewpoint - The article discusses the potential of Europe using the sale of U.S. assets, particularly U.S. Treasury bonds, as a strategic weapon against U.S. pressure, particularly from President Trump [1][3]. Group 1: European Holdings of U.S. Assets - European investors hold approximately $3.6 trillion in U.S. Treasury bonds, accounting for 40% of the total foreign-held U.S. debt, which provides them with significant leverage against Washington [1][4]. - Overall, European institutions and asset management companies hold around $8 trillion in U.S. bonds and stocks, representing nearly two-thirds of total foreign investments in the U.S. [4]. Group 2: Market Reactions and Actions - Following Trump's threats regarding tariffs on European countries, there has been a notable sell-off of U.S. assets, with Wall Street experiencing a drop of over 2% and the dollar declining by 1% [1]. - The Danish pension fund AkademikerPension announced plans to liquidate approximately $100 million in U.S. Treasury bonds due to a loss of confidence in U.S. debt sustainability [4][6]. - The Swedish pension fund Alecta sold off a significant portion of its U.S. Treasury holdings, citing reduced predictability in U.S. policies and rising public debt as reasons for their decision [6]. Group 3: Challenges and Risks of Coordinated Action - The article notes that while using U.S. debt as leverage is a consideration, the decentralized nature of European holdings makes coordinated action difficult, as these assets are spread across various institutions [7]. - Convincing diverse entities like pension funds and insurance companies to sell their U.S. bonds in unison poses a significant challenge, as it could lead to substantial financial losses [7]. Group 4: U.S. Government Response - U.S. Treasury Secretary Mnuchin dismissed the significance of the Danish pension fund's actions, indicating that such moves are not a cause for concern [5]. - President Trump warned of significant retaliation if European nations were to sell U.S. stocks and bonds in response to U.S. pressure regarding Greenland [8].