Trump signs order of SOVEREIGN WEALTH Fund and says it could fund Tiktok -By

President Trump signed an executive order calling for the creation of a superb wealth fund that gave up his administration to start an investment vehicle that typically exists in countries in much better fiscal health than the United States.

In a speech with journalists in the Oval Office, Trump said the fund could help finance the purchase of Tiktok, the popular app on social media that the Trump administration has tried to save from a congressional announcement.

“I have the right to do that, and we may want to put it in SOVEREIGN WEALTH Fund, no matter what we are doing, or if we make a partnership with very wealthy people, a lot of opportunities, but we could put it as an example in findings , ”Said Mr. Trump about buying Tiktok.

The three-section executive order tasks Treasury and Commerce Departments with generating a plan within 90 days to create such a fund. SOVEREIGN WEALTH Funds are popular in oil-rich countries such as Norway and Saudi Arabia, which can invest large budget surpluses in projects around the world.

But the United States runs persistent and expanded budget deficits, and it is unclear where the Trump administration could find the money to seed such a fund. Howard Lutnick, Mr. Trump’s election to lead the trade department suggested that the government could take a share in companies it does business with.

“If we are to buy two billion covid vaccines, maybe we should have some warrants and some equity in these companies and make it grow to the help of the American people,” he said, standing next to Trump in the White House .

Mr. Trump discussed the idea during the presidential campaign and floated the possibility that money raised from imposing new tariffs could be invested in projects around the country. The Biden administration had also investigated the possibility of creating a fund to make investments in specific strategic industries.

Standing up at a national investment fund would require to solve a number of questions about how governmental money is managed and what projects or companies receive them. Executive order tasks administrative officials to find out if Congress should adopt new legislation to create such a fund.

If the Trump administration ultimately goes on to create a superb wealth fund, it would be the latest step to expand the role of the federal government in the US economy. Under both Mr. Trump and former President Joseph R. Biden Jr. Washington officials have been much more proactive in supporting US companies, often at the expense of foreign competitors who end a decades of long embrace of free trade and open investment among US officials.

Trump said under his remarks that he wanted the US Wealth Fund to be among the largest in the world, many of which exceed $ 1 trillion.

“And I believe in a short period of time, we would have one of the biggest funds. And you know some of some of them are pretty big, ”Mr. Trump. “So it’s a big thing, right?”