The “sell America” trade that took shape after President Donald Trump’s tariff chaos in April is likely to gather steam. The panic in financial markets after Trump’s tariff ‘liberation day’ on April 2 dissipated almost immediately upon the announcement of a 90-day pause on most new tariffs.

Investors sold stocks and bonds after Moody’s downgraded the U.S. credit rating, potentially complicating negotiations around Republicans’ tax plan.

Anywhere But USA—was back on the table this morning, as investors digested Moody's markdown of America's credit rating from triple-A, coupled with the forward march of the House's debt-expanding budget bill,