The financial markets are experiencing a notable shift characterized by a widespread sell-off of American assets, including stocks, bonds, and the U.S. dollar. This trend, dubbed the 'Sell Everything American' mode, reflects a growing unease among investors regarding the stability of U.S. assets. The U.S. Dollar Index has fallen below the key 100 level for the first time since July 2023, marking a 2.7% loss over the past week and a 7.6% decline year to date. Concurrently, Treasury yields have risen, with the 10-year Treasury yield reaching around 4.45%, indicating a drop in bond prices. President Donald Trump's 90-day pause on most tariffs has not alleviated investor concerns. This sell-off is attributed to President Donald Trump's trade policies, which have increased perceived risks for American assets. Investors are moving their capital to traditional safe-haven assets such as the Japanese yen, the Swiss franc, and gold, as they seek to distance themselves from the uncertainties surrounding U.S. economic policies. Larry Summers noted a 'generalized aversion to US assets in global financial markets,' likening the U.S. to a 'problematic emerging market.' The euro has benefited from this trend, reaching a three-year high against the dollar. Francois Villeroy de Galhau, the French central bank governor, suggested that recent events play against confidence in the U.S. currency and could enhance the international role of the euro if the 'Sell America' trade continues to unfold.