Insiders Say US Sovereign Wealth Fund Funding to Come from Tariffs

BlockBeats News, March 6th, two sources familiar with the matter revealed that Michael Grimes, a tech investment banker who recently resigned from Morgan Stanley last month to join the U.S. Department of Commerce in a senior role, may be tasked with leading the newly established U.S. Sovereign Wealth Fund under Trump. The fund's capital mainly comes from tariffs imposed on foreign countries, and it is currently in the early planning stages, with potential adjustments in the future. Trump had previously stated that the fund's source of funding could include "tariffs and other reasonable income." One of the sources mentioned that these tariff revenues may be managed by the proposed "External Revenue Service," which Trump hopes will specialize in handling related tax matters. During his tenure at Morgan Stanley, Grimes led IPOs for tech giants such as Meta, Uber, and Airbnb, and served as an advisor during Musk's acquisition of Twitter. Additionally, Morgan Stanley was also a leading bank for Tesla's IPO. (Jinse)