The Globe and Mail reports in its Wednesday edition that the panic selling of U.S. stocks and bonds following the Trump administration's 'Liberation Day' tariff bombshell may be over, but the rerating of American assets is just getting started. A Reuters dispatch to The Globe reports that the question is just how big this reallocation will be. A modest reduction in exposure could have a potentially huge impact on asset prices. That is both because of the sheer size of U.S. markets relative to total global assets, and the outsized nature of overseas investors' U.S. holdings in nominal terms and as a share of their portfolios. In Treasuries, this overweight exposure is large, in equities it is massive. The global pension fund industry, heavily invested in U.S. assets, is valued at about $58-trillion (U.S.). In recent years, foreign private-sector investors have invested a net $3.25-trillion (U.S.) in U.S. asset. As a result, America's net international investment position stands at negative $26-trillion (U.S.). U.S. stocks accounted for as much as 75 per cent of the $80-trillion (U.S.) global market cap earlier this year. At the end of last year, Goldman Sachs says foreign investors owned 18 per cent of U.S. stocks.