President Donald Trump on Monday signed an executive order to create the nation's first-ever sovereign wealth fund, which would receive capital through tariffs and other revenue streams.

Other nations employ similar funds and Trump has suggested he may use it to purchase TikTok as ByteDance faces a looming deadline to divest or face a ban.

"We're going to stand this thing up within the next 12 months. We're going to monetize the asset side of the U.S. balance sheet for the American people," Secretary of the Treasury Scott Bessent said, according to Reuters. "There'll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people."

Trump previously promised to create such a fund while on campaign, according to the New York Post.