U.S. Pauses Trump's Sovereign Wealth Fund Plans
The U.S. government has placed its plans for a sovereign wealth fund on hold, as announced by Treasury Secretary Scott Bessent. Originally ordered by President Trump, the fund was intended to be financed by tariffs on imports. Prioritization of other governmental initiatives has stalled development.
- Country:
- United States
The U.S. Treasury has temporarily halted its plans to establish a sovereign wealth fund, an initiative originally put forward by President Trump earlier this year. This was confirmed in a statement by Treasury Secretary Scott Bessent on Friday.
President Trump had initially proposed the creation of the fund as a means to channel revenue generated from tariffs imposed on U.S. imports. The move was anticipated to bolster the country's financial reserves significantly.
However, Bessent has indicated that the proposal is on pause, with the administration focusing on other pressing financial and economic issues. The announcement came during an interview on Bloomberg TV, leaving the future of the sovereign wealth fund uncertain.
(With inputs from agencies.)
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- Scott Bessent
- revenue
- Treasury
- politics
- Bloomberg
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