Trump signs order establishing a sovereign wealth fund that he says could buy TikTok – CNBC
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We’re going to monetize the asset side of the U.S. balance sheet for the American people,” U.S. Treasury Secretary Scott Bessent said during a media parley. “There’ll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people.”There were no other details for a fund Trump said during his campaign could back “great national endeavors.” He has said tariffs could help provide funding. Other nations use taxes on natural resources, financial transactions and carbon use as funding mechanisms.A discussed deal in which the U.S. would become a partner in social media platform TikTok would be one potential use, Trump said. The app was taken offline briefly amid security concerns, but Trump signed an order allowing it back for a 75-day period during which it likely will have to divest itself of Chinese interests.Though the idea of such a U.S. fund has been brought up before, the vehicles are generally used by smaller nations with vast natural resources as well as fiscal surpluses to deploy — unlike the U.S., which has been running massive budget deficits.Nations with the funds include China, Norway and Singapore. A U.S. fund could help it compete with those countries and might make the government less dependent on issuing Treasury debt to raise money.The executive order says the fund’s purpose is to “promote fiscal sustainability, lessen the burden of taxes on American families and small businesses, establish economic security for future generations, and promote United States economic and strategic leadership internationally.”Bessent and Commerce Secretary nominee Howard Lutnick are tasked with developing a strategy within 90 days on how the fund will operate.Norway has the largest sovereign wealth fund, with more than $1.7 trillion in assets, according to the Sovereign Wealth Fund Institute. The China Investment Corp follows with $1.3 trillion.These funds are involved in global financial markets through investments in stocks, bonds and real estate, along with stakes in infrastructure and private equity. Critics say a lack of transparency can lead to conflicts and corruption if there are not strict governance rules.Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal
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