European investors are increasingly looking to diversify away from U.S. stocks due to ongoing tensions with Trump, according to Vincent Mortier, Chief Investment Officer at Amundi. The trend, which began in April 2025, has accelerated recently, as European investors hold approximately $10.4 trillion in U.S. stocks. Mortier noted that any decoupling from U.S. markets would be a complex process. Hugo Ste-Marie from Scotiabank highlighted that European investors account for 49% of U.S. stocks owned by foreign investors, a significant portion that could impact the market. Despite the lack of a unified European response, fund managers across major cities are reporting increased client interest in reducing U.S. asset holdings amid Trump's tariff threats and rhetoric.