"Denmark's investment in U.S. Treasury bonds, like Denmark itself, is irrelevant," U.S. Treasury Secretary Scott Bessent told reporters at Davos on Wednesday.
The "sell America" trade was in full swing Tuesday after President Donald Trump and European leaders escalated tensions over Greenland. U.S. stocks and bond prices tumbled, sending yields spiking.
It comes as Trump's threats to impose 10% tariffs on eight European countries as part of his push to take over Greenland spooked markets. The levies would come into force on Feb. 1, Trump said, and later rise to 25%.
Europe's holdings in U.S. treasuries, however, have been tipped as a potential countermeasure.
When asked how concerned he is about European investors pulling out of treasuries, Bessent said at a press conference at the World Economic Forum: "Denmark's investment in U.S. Treasury bonds, like Denmark itself, is irrelevant."
"That is less than $100 million. They've been selling Treasuries for years, I'm not concerned at all."
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