US President Donald Trump signed an executive order to establish a "sovereign wealth fund" that will function to invest in projects and businesses to further allow US wealth to grow.
This fund will be managed by the government and the order for the establishment of this fund was signed by Trump which will be established within a year.
A detailed plan for the fund will be submitted within 90 days by the US Treasury and Commerce Departments.
However, Trump suggested that the income for the fund come from tax revenue on imported goods.
He also commented on the issue of TikTok which recently faced a ban due to security concerns, Trump previously expressed his interest in buying the application and may use the fund.
At the same time, Trump gave an update regarding the negotiations to purchase TikTok which will be held soon.
Experts believe that Congress will need to approve the fund because the executive order cannot provide the money needed to establish the fund.
