Despite fears that President Donald Trump‘s aggressive tariff policy would crush the appeal of U.S. assets, foreign investors are doing the exact opposite—buying American securities at a record-setting pace and powering one of the strongest rallies in recent history.
According to May’s Treasury International Capital System (TICS) data, total net capital inflows into the U.S. reached an unprecedented $1.76 trillion over the 12 months ending in May 2025.
That includes everything from Treasuries and corporate bonds to stocks and Treasury bills.
These numbers flatly defy the doomsday narrative of an “end to U.S. exceptionalism” that followed Trump’s April 2 tariffs, which had briefly sent stocks, bonds and the dollar tumbling in unison.
‘US Exceptionalism’ Was Supposed To End With Trump — Instead, It’s Breaking New Records
In a note shared Monday, veteran Wall Street strategist Ed Yardeni said that despite the noise, investors abroad are not fleeing U.S. markets.
“Doomsters warn that foreign investors are losing their confidence in U.S. Treasuries and in the U.S. dollar,” he said.
“Yet, the Treasury’s latest TICS data show that they remain strong buyers of U.S. debt.”
Foreign investors poured $597 billion into U.S. equities over the past year—setting …