When Trump first sailed the idea of a sovereign wealth fund during his election campaign, he suggested that it could be funded by “tariffs and other reasonable things”.
He has already announced plans to impose tariffs for the imports of the three largest trading partners in America – China, Mexico and Canada.
But on Tuesday, the collections in Mexico and Canada stopped for 30 days.
US Finance Minister Scott Bavert said that the fund would be created over the next 12 months and that the plan is to monetize assets currently owned by the US government “for the American people.”
Saudi Arabia and Norway have two of the world’s largest sovereign wealth funds with the support of fossil fuel sales. They invest in company and projects around the world.
Earlier, President Trump said the US Sovereign Fund would finance “great national efforts”, including infrastructure projects such as airports, roads, and medical research.
By signing the executive order to create a fund, it also sailed with the idea that it could acquire a platform on social media Tiktok.
The Chinese social media company was briefly put off offline last month in connection with national security issues after the previous administration ordered the owner to sell its operations in the US or threaten the ban.
Trump postponed the ban by promising to find the solution after US users protested at her stop.
“We will do something, perhaps with a cicinal, and maybe not,” Trump said. “If we do the right deal, we will do it. Otherwise we will not … we could put it in the sovereign wealth fund.”
However, the president also recently stated that the technological giant Microsoft is discussing Tiktok acquisition and that he would like to see a “bidding war” about the sale of the application on social media.
Other major technology names, including Larry Ellison and Elon Musk, were also swimming buyers.
