Mr Trump suggested the fund could be used to buy TikTok, the social media app that faces a ban if it is not sold to a new US owner.
If established, the sovereign wealth fund would put the United States in the ranks of countries that have launched similar funds to invest directly with government capital.
But Mr Trump did not provide much detail on how the fund would work. Sovereign wealth funds typically rely on budget surpluses to make investments, while the US is running a deficit. The fund’s creation would also require congressional approval.
“We’re going to create a lot of assets for this fund,” Mr. Trump told reporters, “and I think it’s time for the United States to have a sovereign wealth fund.”
As a presidential candidate, Mr. Trump proposed the idea of a government-managed investment fund, with the goal of funding important projects such as infrastructure construction, manufacturing development and medical research.
