(Bloomberg) -- Global bond and currency investors are debating if it's time to dust off last year's 'Sell America' trade after a flurry of economic-policy decisions out of Washington over the past two weeks. "They have to start pricing risks of their policies into the dollar, into the Treasuries curve, and in fact, they're doing it right now. The "Sell America" trade gained traction last April, when President Donald Trump's tariff announcements triggered a simultaneous selloff in the dollar, stocks and US government bonds. US stocks remain resilient, with a rally in technology stocks pushing the S&P 500 to a record high. Foreign investors held $9.4 trillion of Treasuries as of May, up 4% from a year earlier, according to US government data.