Business
Trump creates U.S. sovereign wealth fund – may purchase TikTok
Quick Hit:
On Monday, President Trump signed an executive order to create the first-ever U.S. sovereign wealth fund, with TikTok potentially becoming one of its first acquisitions. Trump emphasized the fund’s potential to generate significant wealth, positioning the U.S. alongside countries like Saudi Arabia and China that have long operated similar funds.
Key Details:
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Trump signed the order in the Oval Office, joined by Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, calling the move “a very exciting event.”
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The fund may be capitalized through tariff revenues, with Trump hinting that TikTok could be included as an asset, possibly as part of a deal tied to avoiding new 10% tariffs on Chinese goods.
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Bessent and Lutnick will oversee the fund’s creation, aiming to “monetize the asset side of the U.S. balance sheet” within the next year.
Diving Deeper:
President Trump on Monday signed an executive order to establish the first sovereign wealth fund in U.S. history, signaling a bold new approach to managing national assets. Speaking from the Oval Office, Trump described the initiative as “a very exciting event” and highlighted its potential to generate vast wealth for the country.
“Other countries have sovereign wealth funds, and they’re much smaller than the United States,” Trump noted. “We’re going to have one of the biggest funds in the world in a short period of time. The Saudi Arabia fund is large, but we’ll catch up.”
While the exact source of the fund’s initial capital hasn’t been confirmed, Trump has previously suggested that tariff revenues could play a key role. This aligns with his recent announcement of a 10% tariff on Chinese imports, which he framed as part of his strategy to combat fentanyl trafficking. Trump also floated the idea of including a stake in TikTok within the fund, hinting that Beijing might divest from the platform to sidestep the new tariffs.
Treasury Secretary Scott Bessent outlined the administration’s vision, stating, “We are going to monetize the asset side of the U.S. balance sheet for the American people. We’ve studied best practices from around the world, and it will include a mix of liquid assets and domestic investments.”
Commerce Secretary Howard Lutnick added that the sheer scale of the U.S. government’s operations presents a unique opportunity to create value for American citizens. “If we’re buying billions of COVID vaccines, maybe we should hold equity in these companies to benefit the health and wealth of the American people,” he said.
Trump envisions the fund investing in infrastructure, manufacturing, medical research, and more. During his campaign, he suggested the fund could be supported through tariffs and “other intelligent things,” emphasizing that it will be a tool to strengthen America’s economic independence and global competitiveness.
With sovereign wealth funds in countries like China, Saudi Arabia, and Singapore boasting assets exceeding $1 trillion, Trump’s move represents a significant shift in U.S. fiscal strategy, positioning the nation to compete directly in this arena for the first time.
Business
Trudeau Promises ‘Fentanyl Czar’ and US-Canada Organized Crime Strike Force To Avert U.S. Tariffs
Under the looming threat of U.S. tariffs—framed by officials as a response to deadly fentanyl trafficking linked to Chinese precursors rather than a conventional trade dispute—Canada has moved swiftly to appease the White House.
This afternoon, Prime Minister Justin Trudeau, in a post on X (formerly Twitter), announced the appointment of a “Fentanyl Czar” alongside a $1.3 billion border security plan. The initiative includes new helicopters, advanced surveillance technology, additional personnel, and closer coordination with U.S. agencies to stem the flow of fentanyl.
“I just had a good call with President Trump,” Trudeau wrote. “Nearly 10,000 frontline personnel are and will be working on protecting the border.”
Trudeau also outlined plans to designate cartels as terrorist organizations, implement 24/7 surveillance, and launch a Canada–U.S. Joint Strike Force targeting organized crime and money laundering. He signed a new $200 million intelligence directive on fentanyl, asserting that these measures helped secure a 30-day pause on proposed tariffs against Canadian goods.
The announcement follows President Donald Trump’s imposition of sweeping new trade penalties: a 25% tariff on exports from Mexico and Canada and a 10% duty on Chinese goods. While those levies took effect two days ago, Trump has now granted Mexico a one-month reprieve—on the condition that President Claudia Sheinbaum deploy 10,000 soldiers to the northern border to crack down on fentanyl trafficking and illegal migration.
In exchange, senior U.S. officials—including Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnick—will negotiate with their Mexican counterparts on a long-term solution before tariffs are reinstated.
Trump emphasized that Mexico’s forces were “specifically designated to stop the flow of fentanyl and illegal migrants,” stressing that cross-border cooperation was essential in tackling what U.S. authorities call a national drug crisis.
Markets initially tumbled over fears of an escalating tariff war among the world’s largest economies but rebounded on news of the temporary reprieve for Mexico and Canada. Now, both governments face a critical deadline.
More to come.
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Canada has agreed to ensure we have a secure Northern Border, and to finally end the deadly scourge of drugs like Fentanyl that have been pouring into our Country, killing hundreds of thousands of Americans, while destroying their families and communities all across our Country.
Canada will implement their $1.3 Billion Border plan, and as per Prime Minister Trudeau, will be, “reinforcing the Border with new choppers, technology and personnel, enhanced coordination with our American partners, and increased resources to stop the flow of fentanyl. Nearly 10,000 frontline personnel are, and will be, working on protecting the Border.
In addition, Canada is making new commitments to appoint a Fentanyl Czar, we will list cartels as terrorists, ensure 24/7 eyes on the Border, launch a Canada-U.S. Joint Strike Force to combat organized crime, fentanyl and money laundering. I have also signed a new intelligence directive on organized crime and fentanyl, and we will be backing it with $200 million.”
As President, it is my responsibility to ensure the safety of ALL Americans, and I am doing just that. I am very pleased with this initial outcome, and the Tariffs announced on Saturday will be paused for a 30 day period to see whether or not a final Economic deal with Canada can be structured. FAIRNESS FOR ALL!
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