Asset managers and investors are expressing concern that Republican efforts to dismantle legislation supporting industries such as clean energy could erode the United States' status as a reliable destination for global capital. Allianz Global Investors, managing $650 billion in assets, stated through senior portfolio manager Alex Bibani, "For investors, the message is clear: The US may no longer offer the reliable investment runway it did just months ago." The Republican-controlled House of Representatives has approved a bill that would remove many incentives from the 2022 Inflation Reduction Act, threatening investment strategies tied to the clean energy transition. Even if the Senate blocks some proposals, European asset managers are facing a new level of uncertainty and volatility, with some considering shifting capital to more stable jurisdictions such as Canada or the European Union. Recent market reactions include a decline in the S&P 500, a rise in 30-year US Treasury yields to 5.1%, and the US dollar reaching its lowest level since December 2023. President Donald Trump has intensified the trade conflict with the European Union, stating he "does not seek a deal," adding to investor unease. Federal Reserve officials, including Minneapolis Fed President Neel Kashkari, have noted that uncertainty is a top concern for US businesses and the central bank. Kashkari emphasized that extended tariffs raise the risk of stagflation and that the current question is the magnitude of this risk, as investors reconsider global capital allocation. Major European asset managers such as Amundi SA have observed clients "repositioning massively" away from the US market, while UBS Group AG has reported significant outflows from US equity exchange-traded funds. These moves are attributed to concerns over policy volatility and the weakening of key climate policies.