An American SWF would be similar to those found in Saudi Arabia and Norway, where they hold significant stakes in mining and energy assets worldwide. Trump allies argue that public investment could catalyze U.S. supply chain security, particularly in sectors key to clean energy and defense.
Trump floated the idea of a sovereign wealth fund during an address at the Economic Club of New York during the campaign in September, where he proposed funneling money from tariffs into a wealth fund that could invest in manufacturing hubs, defense and medical research.