Trump Signs Executive Order to Create U.S. Sovereign Wealth Fund

President Donald Trump has signed an executive order to create a sovereign wealth fund in the next year, which he suggested could be used to potentially buy the short video app TikTok.

Trump provided few details about how the fund would work, as it typically relies on a country’s budget surplus, but the U.S. currently runs a budget deficit. The creation of the fund would likely require approval from Congress. Trump said the fund would create significant wealth, adding that it’s time for the U.S. to have its own sovereign wealth fund.