The Trump Administration is exploring the creation of an American sovereign wealth fund to make strategic investments for the U.S.--and possibly to hold stakes in things like TikTok.

With news expected about the fund in the coming weeks, former White House official Daleep Singh joins Security Economics to talk about what a sovereign wealth fund is, how it could work and what it could do, and what the challenges will be.

Plus, we talk a few other hot topics, like sanctions!

Daleep is about to join PGIM, the global asset manager. He spoke with Security Economics in his personal capacity and before he joined PGIM.

Peter and CFR’s Brad Setser discuss Trump's “Liberation Day” tariff announcement, including what Trump’s goals are, how bad the economic impacts might get, and what to expect from foreign retaliation.

In short: the tariffs are broader and quicker than most of us expected, and the impacts might be akin to a $50 or more per barrel oil shock. On the other hand, maybe we'll get quick deals!

Also, Brad has an idea for Europe to drastically cut the dollar value of its trade surplus with the US. (Hint: it is involves pharmaceuticals).

Harvard Professor and former White House Council of Economic Advisors Chair Jason Furman joins Security Economics to talk tariffs, President Biden's economic legacy, national security industrial policy, AI regulation, and export controls. Plus, just a bit of crypto. Furman had a recent article in Foreign Affairs Magazine, "The Post-Neoliberal Delusion," that argued Biden's economic policies actually resulted in less infrastructure and less investment than we could otherwise have seen. Especially coming from a prominent member of President Obama's cabinet, the article attracted quite a bit of attention. I wanted to ask Jason about it, as well as how he thinks we should do industrial policy for critical products, like computer chips. It was a great conversation, and we hope you enjoy it.