Donald Trump has ordered the creation of the first-ever U.S sovereign wealth fund; here's what it will be used for
Donald Trump signed an executive order to set up the first-ever sovereign wealth fund in United States to invest in the future of the country, as per a report.
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Trump's bold vision
Trump's vision was bold and had a scope that could involve major acquisitions like a stake in the popular video app TikTok, reported the New York Post.
In an Oval Office address, Trump highlighted that it would be important for the US to have a sovereign wealth fund, comparing it to other countries with such successful funds, including Saudi Arabia, Norway, and China, as per the report.
It remains unclear exactly how the fund will be capitalized, although Trump mentioned that tariff proceeds could be one source of funding.
The president emphasized that the fund would play a crucial role in creating wealth for the American people by making investments in assets that are currently part of the US balance sheet, as per the report.
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