Investing.com -- Former Morgan Stanley technology investment banker, Michael Grimes, who recently took a senior position in the U.S. Commerce Department, is anticipated to lead the newly unveiled U.S. sovereign wealth fund, according Reuters.

The discussions about Grimes leading the creation and management of the sovereign wealth fund are still ongoing, with no final decision yet made.

The new fund, whose income sources have not been disclosed before, is expected to be financed by revenue generated from tariffs imposed on foreign countries. However, the sources warned that these deliberations are in the early stages and the financing plans for the fund could still change.

President Donald Trump has previously suggested that the fund could be financed through "tariffs and other intelligent things." One of the sources indicated that revenue from tariffs could be managed by a proposed agency, the External Revenue Service, which Trump intends to establish to handle income generated from these levies.

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