I just reviewed the data on who holds the United States debt through its Tesoro estadounidense bonds, and the situation is quite interesting. The first thing that stands out is that Japan continues to dominate as the largest foreign creditor with more than $1.13 trillion. This is surprising considering its holdings have barely grown by 0.75% over the last year.

What’s curious is that while Japan remains stable, other countries are making significant moves. The United Kingdom increased its holdings to $808 billion, a jump of 13% compared to the previous year. China, on the other hand, has been gradually reducing its exposure, falling to $757 billion from $775 billion a year ago. Since 2013, when China had nearly $1.3 trillion, it has been consistently selling.

What really surprised me was seeing Belgium add $99 billion in just one year, rising from $312 billion to $411 billion. Luxembourg also increased significantly. These moves suggest that U.S. Treasury bonds are still seen as a safe haven, especially during times of economic uncertainty.

In total, the 15 largest holders own approximately $6 trillion in U.S. securities. When you look at who holds the United States debt, you notice it’s not only major powers like Japan or China, but also offshore financial centers like the Cayman Islands with $448 billion. Canada, France, Ireland, and other Western allies also maintain solid positions.

What’s interesting is that who holds the United States debt reflects current geopolitical and economic dynamics. While some countries bet on the stability of U.S. Treasuries, others like China are diversifying. With trade tariffs reaching 145% between EE.UU. and China, it’s likely that we’ll see more changes in these holdings in the coming years. The Tesoro continues to be the main tool for the U.S. to finance its deficit, and these data clearly show who is betting on the North American economy.