Trump plans to set up sovereign wealth fund

Investment plan: Trump, alongside Lutnick (centre) and Rupert Murdoch (right), speaks to the press after signing an executive order in the Oval to create a sovereign wealth fund. The action calls for officials to submit a plan to Trump within 90 days. — AFP

WASHINGTON: President Donald Trump signed an executive action he said would direct officials to create a sovereign wealth fund for the United States, following through on an idea he floated during the presidential campaign.

“We have tremendous potential,” Trump told reporters in the Oval Office on Monday as he announced the move.