Money from tariffs could flow into Mr Trump’s new sovereign wealth fund, which he says could be used to buy TikTok in the US.
The Trump administration is negotiating to buy the TikTok platform in the US - Photo: REUTERS
On February 3, Mr. Trump signed an executive order requiring the establishment of a national investment fund next year.
The order does not provide specific details, only requiring the Treasury and Commerce Departments to submit plans for the fund within 90 days, including recommendations on "funding mechanisms, investment strategies, fund structure, and governance model."
If established, the US would have a fund similar to many other countries, especially in the Middle East and Asia, which have established funds to invest directly with government money.
Typically, such funds rely on a national budget surplus to make investments, but the United States is running a deficit. The creation of the fund would also likely require congressional approval.
"We're going to create a lot of wealth for this fund. And I think it's time for this country to have a sovereign wealth fund," Reuters news agency quoted Mr. Trump as saying.
During his campaign, he proposed such a government investment mechanism to fund "great national efforts" such as infrastructure projects including highways and airports, manufacturing and medical research.
Treasury Secretary Scott Bessent said the fund would be set up within the next 12 months. US officials did not say how the fund would operate or be funded, but Mr Trump has previously said it could be funded by “tariffs and other smart things”.
The US president also suggested that the fund could buy TikTok. "We'll do something, maybe with TikTok, maybe not. If we make the right deal, we'll do it. If we don't, we won't do it... We may put it into the sovereign wealth fund," he said.
TikTok is facing pressure to sell itself in the US. Washington has asked its Chinese owner ByteDance to sell it on national security grounds or face a ban that takes effect on January 19. After taking office, Mr. Trump signed an executive order delaying the law for 75 days.
President Trump said he is in talks with multiple people about buying TikTok and could make a decision on the app's future by February 2025. The popular app has about 170 million US users.
"The interest in TikTok is huge! Great for China and all involved," Trump tweeted on Truth Social on February 2.
Source: https://tuoitre.vn/ong-trump-lap-quy-dau-tu-quoc-gia-co-the-dung-mua-lai-tiktok-20250204094008685.htm
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