, Columnist
‘Sell America’ Is the Long Game for Europeans
Christine Lagarde and Scott Bessent: A difficult week.
Photographer: NurPhoto/NurPhotoNo sooner had Deutsche Bank AG currency strategist George Saravelos raised the possibility of Europeans selling some of their $8 trillion of US assets because of Donald Trump’s threats toward Greenland, a pile-on began. US Treasury Secretary Scott Bessent was bothered enough to take time out to argue why this was wishful thinking.
But after the Americans initiated a swift climbdown on Greenland at Davos — no invasion or tariffs on disobedient Europeans — I wouldn’t be so dismissive. Perhaps Europe has some leverage after all.