U.S. Treasury Secretary says Trump administration shelves plans for sovereign wealth fund, shifts focus to paying off U.S. debt.

The US Treasury Secretary, Benson, said that the Trump administration has suspended plans to establish a sovereign wealth fund and will instead focus on repaying national debt. In an interview, Benson said, "I think the President has decided to postpone this plan because we have other things to deal with now. He also mentioned a few days ago that we may spend more time repaying debts. He is highly concerned about the issue of debt repayment." In February of this year, Trump instructed the preparation of one of the world's largest sovereign wealth funds and proposed funding for the fund by cashing out government assets for key mineral projects or strategic investments, such as stakes in companies like TikTok. At that time, Benson said the fund might be officially launched within 12 months. However, according to foreign media reports last week, this grand plan has rapidly decreased in priority after encountering legal, financial, and political obstacles. The government is now turning to a simpler, smaller investment mechanism that does not require congressional approval, using existing government agencies to carry out some of the original plan's functions. According to insiders, Benson and Commerce Secretary Lutnick submitted proposals as requested by Trump within 90 days and submitted the plan earlier this month. However, White House officials were not satisfied with the proposal and ultimately did not submit it for presidential approval. In the interview, Benson also addressed concerns that the latest Republican tax reform bill may exacerbate the burden of debt. The bill will raise the debt ceiling, causing some to worry about the ratio of US debt to GDP. "This bill will bring economic growth," Benson said. "This will help reduce the debt ratio. I am not worried about the debt structure of the United States, because once the trajectory of economic growth changes, many problems will be solved. He also predicted that by this time next year, US GDP growth will exceed 3%."