Odaily News Michael Grimes, a tech investment banker who left Morgan Stanley last month and took a senior position at the U.S. Department of Commerce, is expected to lead the U.S. sovereign wealth fund announced by Trump, according to two people familiar with the matter. The fund is supported by tariffs imposed on foreign countries, and discussions are still in the early stages and plans may change. Trump has previously said that the proposed new fund may be funded by "tariffs and other smart things." One source said that tariff revenue could be provided by the so-called "External Revenue Service," which Trump hopes to set up to handle revenue from taxation. Grimes led several high-profile tech company IPOs at Morgan Stanley, including Meta, Uber and Airbnb. He advised Musk on his acquisition of Twitter. Morgan Stanley is also the main investment bank for Tesla's listing. (Jinshi)