Foreign Funds Sour on US Corporate Bonds as Trump Sows Chaos

European and Asian money managers are showing signs of losing some of their appetite for lending to US companies as trade wars heat up, in a potentially worrying sign for corporate America.

Investors outside the US turned into net sellers of corporate debt in the first half of April, after US President Donald Trump announced the highest tariffs on foreign countries in more than a century. That’s according to data tracking direct flows compiled by Goldman Sachs Group Inc. strategists including Lotfi Karoui.