Trump's Sovereign Wealth Fund, Iran Sanctions, Tariffs, Musk's DOGE Target, And Tax Plans: Top Economics Updates This Week

The week has been a whirlwind of economic and political developments. From the announcement of the first-ever U.S. sovereign wealth fund to escalating tensions with Iran, the Trump administration has been making headlines. Meanwhile, Elon Musk’s ambitious DOGE target and Trump’s controversial tax plans have stirred up debates. Here’s a recap of the top stories.

Trump Announces U.S. Sovereign Wealth Fund

President Donald Trump has unveiled plans for the creation of the first U.S. sovereign wealth fund. The fund aims to leverage government-owned assets to generate economic value for the American people, according to Treasury Secretary Scott Bessent. “We're going to have a Sovereign Wealth Fund, which we've never had,” Trump told reporters.

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Trump Prepares Maximum Pressure On Iran

Oil markets experienced a sharp reversal following reports that President Trump is preparing to impose maximum economic pressure on Iran. The directive aims to enforce sanctions and block all potential paths for Iran to develop a nuclear weapon, according to a Reuters report.

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Trump’s Tariffs Criticized by Obama-Era Treasury Secretary

Renowned economist and Obama-era Treasury Secretary Lawrence Summers criticized President Trump's recent tariff impositions, describing them as a "bully strategy" that could have far-reaching negative impacts. Summers warned that the tariffs could lead to price increases for oil, food, and cars.

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Elon Musk’s Daily $4 Billion DOGE Target

Former White House Council of Economic Advisers Chair Jason Furman has pointed out potential discrepancies in Tesla CEO Elon Musk‘s recent claims regarding federal spending reductions and the proposed fiscal targets. Furman calculated that such cuts would amount to approximately $1.5 trillion annually.

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Trump’s Tax Plans Could Slash Revenue

Donald Trump‘s proposed tax plan could slash federal revenue by up to $11.2 trillion over the next decade, sending U.S. debt soaring to 149% of gross domestic product if not offset by comparable spending reductions, according to the Committee for a Responsible Federal Budget.

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