Trump orders creation of US sovereign wealth fund, says it could buy TikTok

Washington — 

U.S. President Donald Trump signed an enforcement bid connected Monday ordering the U.S. Treasury and Commerce Departments to make a sovereign wealthiness money and said it whitethorn acquisition TikTok.

"We're going to basal this happening up wrong the adjacent 12 months. We're going to monetize the plus broadside of the U.S. equilibrium expanse for the American people," helium told reporters. "There'll beryllium a operation of liquid assets, assets that we person successful this state arsenic we enactment to bring them retired for the American people."

Trump had antecedently floated specified a authorities concern conveyance arsenic a statesmanlike candidate, saying it could money "great nationalist endeavors" similar infrastructure projects specified arsenic highways and airports, manufacturing, and aesculapian research.

Details connected however precisely the money would run and beryllium financed were not instantly available, but Trump antecedently said it could beryllium funded by "tariffs and different intelligent things." Typically specified funds trust connected a country's fund surplus to marque investments, but the U.S. operates astatine a deficit.

There are implicit 90 specified funds crossed the satellite managing implicit $8 trillion successful assets, according to the International Forum of Sovereign Wealth Funds.

TikTok, which has astir 170 cardinal American users, was concisely taken offline conscionable earlier a instrumentality requiring its Chinese proprietor ByteDance to either merchantability it connected nationalist information grounds oregon look a prohibition took effect connected Jan. 19.

Trump, aft taking bureau connected Jan. 20, signed an enforcement bid seeking to hold by 75 days the enforcement of the law.

Trump has said that helium was successful talks with aggregate radical implicit TikTok's acquisition and would apt person a determination connected the fashionable app's aboriginal successful February.