Scott Bessent says U.S. is unconcerned by Treasury sell-off over Greenland, calls Denmark ‘irrelevant’

“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.

Danish pension operator AkademikerPension said Tuesday it was selling $100 million in U.S. Treasurys. The decision was driven by “poor [U.S.] government finances,” said Anders Schelde, AkademikerPension’s investing chief.