President Trump signed an executive order on Monday creating a sovereign wealth fund, honoring another promise he made on the 2024 campaign trail.
The sovereign wealth fund — a government-owned and-administered investment fund — will be the first ever established in the US.
Trump had said during the campaign at the Economic Club of New York that the money would be brought in through tariffs and “other intelligent things.”
The fund will be used to invest in highways, airports, manufacturing hubs, medical research and more, he said at the time.
