President Donald Trump has signed an executive order directing the Treasury and Commerce Department to work to create a sovereign wealth fund for the United States.

The Details: The White House said the plan should be outlined within 90 days and have two key aims: “Ensuring long-term competitiveness and fiscal sustainability” and “Pursuing national endeavors and magnifying economic growth.” Trump said it could aid in the assistance of acquisition of TikTok.

For Context: The Guardian (Left bias) noted over 100 countries, including China and Saudi Arabia, have similar funds, in addition to 20 U.S. states. The New York Post (Lean Right) and The Guardian noted Trump floated the idea of creating a fund in September, saying the money “will be taken in through tariffs and other intelligent things.” CNBC (Center) wrote that sovereign wealth funds are usually used by resource-rich smaller nations with surpluses, but the U.S. “has been running massive budget deficits.”

Key Quotes: When signing the order, Trump said, “It’s a very exciting event. We’re going to have a sovereign wealth fund, which we’ve never had.” Treasury Secretary Scott Bessent said, “We’re going to stand this thing up in the next 12 months. We are going to monetize the asset side of the US balance sheet for the American people.”

How The Media Covered It: The Guardian concluded its coverage by saying Trump’s “blizzard of executive orders… promise to upend huge swathes of American life and have already caused chaos in the federal government.” The New York Post concluded its coverage by highlighting that Trump previously suggested “the fund will be used to invest in highways, airports, manufacturing hubs, medical research and more.”