What we know about the Trump administration’s plans for a sovereign wealth fund

The U.S. Treasury and Commerce Departments volition found a sovereign wealthiness money successful accordance with a caller enforcement bid President Donald Trump signed connected Monday. 

The sovereign wealthiness fund, a state-owned concern money with assorted fiscal assets similar stocks and bonds, could ft the measure for purchasing TikTok, according to Trump. 

"We're going to beryllium doing thing possibly with TikTok, and possibly not," Trump told reporters Monday. "If we marque the close deal, we'll bash it. Otherwise, we won't."

"But we could enactment that arsenic an illustration successful the fund," Trump said. "And we person a batch of different things that we could enactment successful the fund. And I deliberation successful a abbreviated play of clip we'd person 1 of the biggest funds."

TRUMP SIGNS EXECUTIVE ORDER DELAYING TIKTOK BAN FOR 75 DAYS AS FUTURE OF APP REMAINS UNCERTAIN 

The U.S. Treasury and Commerce Departments volition found a sovereign wealthiness money successful accordance with a caller enforcement bid President Donald Trump signed connected Monday.  (Jabin Botsford/The Washington Post via Getty Images)

Countries similar Norway and Saudi Arabia utilize sovereign wealthiness funds, arsenic bash aggregate U.S. states. 

Secretary of the Treasury Scott Bessent said the sovereign wealthiness money would beryllium created wrong the adjacent 12 months. 

"I deliberation it’s going to make worth and beryllium of large strategical importance," Bessent told reporters Monday. 

Bessent and Commerce Secretary nominee Howard Lutnick are instructed to devise a program successful the adjacent 90 days for the instauration of the fund, according to the White House. The connection volition see recommendations connected backing mechanisms, concern strategies, money operation and a governance model. 

More details connected the sovereign wealthiness money were not instantly available, and it's unclear whether Congress volition motion disconnected connected it.  

TRUMP NAMES TREASURY SECRETARY SCOTT BESSENT AS ACTING DIRECTOR OF THE CONSUMER FINANCIAL PROTECTION BUREAU 

Secretary of the Treasury Scott Bessent, pictured present successful January, said the sovereign wealthiness money would beryllium created wrong the adjacent 12 months, labeling the inaugural arsenic 1 of large strategical importance.  (Getty)

However, Trump signaled connected the run way successful 2024 that helium was funny successful a sovereign wealthiness fund, utilizing gross from tariffs to determination into the wealthiness money and past usage that wealth to wage for projects similar highways, airports and aesculapian research. 

Additionally, Rep. Morgan McGarvey, D-Ky., introduced authorities successful September 2024 called the American Sovereign Wealth Fund Exploration Act to probe ways to make a sovereign wealthiness money successful the U.S. 

Meanwhile, Trump has weighed successful a fewer times connected the aboriginal of TikTok successful caller weeks and said that he's spoken with aggregate parties who are funny successful purchasing the app. 

Although TikTok concisely went offline for U.S. users successful January aft the Supreme Court upheld a prohibition connected the societal media platform, Trump signed an enforcement bid conscionable hours aft his inauguration connected Jan. 20 delaying a prohibition connected TikTok for 75 days.

POTENTIAL TIKTOK BAN: WHAT SOCIAL MEDIA APPS ARE POPPING UP IN APP STORES

The U.S. Supreme Court upheld a prohibition connected TikTok successful January, citing nationalist information concerns owed to the societal media platform's ownership.  (The Associated Press)

The Supreme Court’s unanimous ruling connected the TikTok prohibition cited nationalist information concerns, specifically owed to the "relationship with a overseas adversary" and the app’s information postulation practices. 

But Trump said successful the enforcement bid delaying the prohibition that helium has "the unsocial law work for the nationalist information of the United States, the behaviour of overseas policy, and different captious enforcement functions."

"To fulfill those responsibilities, I mean to consult with my advisors, including the heads of applicable departments and agencies connected the nationalist information concerns posed by TikTok, and to prosecute a solution that protects nationalist information portion redeeming a level utilized by 170 cardinal Americans," Trump said successful the enforcement order. "My Administration indispensable besides reappraisal delicate quality related to those concerns and measure the sufficiency of mitigation measures TikTok has taken to date."

The Associated Press and Fox News’ Andrea Margolis contributed to this report.