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U.S. sovereign wealth fund: a stimulus for reindustrialization and a check on China’s expanding influence in the Middle East and Southeast Asia

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On September 5, 2024, during a speech at the Economic Club of New York, Donald Trump said that if elected President of the United States, he would create an American sovereign wealth fund.

A day later, on September 6, 2024, the current US President Joe Biden announced plans to disclose the details of such a fund by the end of his term, which indicates bipartisan support for the creation of a US sovereign wealth fund.

Given the growing US public debt, which reached $35 trillion as of July 2024, the sovereign wealth fund will become a strategic tool for re-industrializing the US economy, which is slowed down by election cycles.

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