Asia’s ‘Sell America’ Moment Threatens $7.5 Trillion Investment

For decades, Asia’s export powerhouses had a simple financial strategy: Sell goods to the US, then invest the proceeds in American assets.

That model is now facing its biggest threat since the 2008 global financial crisis as Donald Trump tries to remake global trade and the US economy — upending the logic behind $7.5 trillion of investments from Asia. Some of the world’s biggest money managers say an unwind is just getting started.

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For those caught flat-footed by the shift, the pain has already been severe. A selloff in the dollar after ...