Since Donald Tump was elected to a second term in November 2024, major countries in the world have been reducing their stocks of . Data from the Treasury Department updated through last October show that China’s share of total American bonds has fallen by 9.4% since October 2024, while India has reduced the amount by 21% and Brazil by 26.7%.
This movement intensified in the second half of last year, still at the height of the tariff war promoted by Trump, which affected the three countries to a greater or lesser extent, although the US government has sometimes retreated from its restrictive measures.
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China, for example, which in the last decade was the largest holder of Treasures, is now in third place, behind Japan and the United Kingdom, two countries that are currently very close to Trump. The Chinese had in stock in October 2024 the equivalent of US$760.1 billion in bonds. They increased the amount until February (US$784.3 billion), but have been making an accelerated retreat since last June, reaching October with a stock of US$688.7 billion.
India already had a stock of US$ 241.4 billion in US Treasury bonds in October last year and even increased this level last March, to US$ 239.9 billion, but also made a continuous reduction, reaching last October with US$ 190.7 billion invested.
Brazil started with a stock of US$228.8 billion in October 2024, but accelerated a reduction since last June and reached US$167.7 billion at the beginning of the last quarter of 2025.
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Meanwhile, Japan expanded its lead in the period, hitting US$ 1.2 trillion in Treasuries last October. And the United Kingdom grew its stock from US$746.5 billion to US$877.9 billion in comparisons between October 2024 and 2025.
