Trump gives kiss of death to sovereign-wealth fund: 'Howard likes the idea.'

Dow Jones

May 15, 2025

MW Trump gives kiss of death to sovereign-wealth fund: 'Howard likes the idea.'

By Steve Goldstein

President Donald Trump on Thursday may have extinguished hopes for an idea that didn't really make sense to begin with - for the U.S. to start a sovereign-wealth fund, a proposal he previously supported.

"Howard likes the idea," Trump said, pointing to Commerce Secretary Howard Lutnick when asked about a sovereign-wealth fund while in Qatar. "I'm less ... I want to make a lot of money, pay off debt, then you do it," said Trump.

It's certainly true that the countries with the biggest funds are typically running big trade or budget surpluses, like Norway, China and the United Arab Emirates.

The U.S. would have to borrow to fund any sovereign wealth fund, to invest in a country where there's the deepest capital market in the world.

From the archives: Why Trump's sovereign-wealth fund won't MAGA

-Steve Goldstein

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

May 15, 2025 06:36 ET (10:36 GMT)

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