Trump outlines 3-year timeline, $175B price tag on ‘Golden Dome'
Speaking from the Oval Office, Trump said the U.S. had officially selected the architecture for Golden Dome, an effort which will be led by Vice Chief of Space Operations Space Force Gen. Michael Guetlein.
The president also declared it would cost just $175 billion, far below previous estimates to develop, build and field the technology needed for system. In addition, he said it would be completed before his second term ends, in 'two and a half to three years,' an astounding pace.
'This design for the Golden Dome will integrate with our existing defense capabilities and should be fully operational before the end of my term. So we'll have it done in about three years,' Trump said. 'Once fully constructed, Golden Dome will be capable of intercepting missiles even if they are launched from other sides of the world, and even if they are launched from space, and we will have the best system ever built.'
Trump added that Canada will be included in the effort.
'Canada has called us and they want to be a part of it. So we'll be talking to them, they want to have protection also,' he said.
Trump announced the new details of the project while seated at the Resolute Desk with posters on either side of him. One depicted the continental U.S. in gold with a literal Golden Dome surrounding the country and warding off incoming missiles while the other showed a similar image with his quote stating, 'This is a Very Dangerous World. We're going to protect our citizens like never before!'
He was accompanied by Guetlein, Defense Secretary Pete Hegseth, and GOP Sens. Dan Sullivan (Alaska), Jim Banks (Indiana), and Kevin Kramer (N.D.), the latter three hailing from states that historically have played a part in missile defense.
Golden Dome, first ordered by Trump in January, is poised to receive $25 billion to jump-start the purported missile defense system that would create a network of satellites to detect, track and potentially intercept incoming ballistic missiles.
But that initial $25 billion, part of the GOP's reconciliation bill, remains uncertain as hard-line GOP conservatives and moderate Republicans on Tuesday continued to hold out on allowing the House to pass the legislation, demanding certain changes be made.
Furthermore, $25 billion is just the tip of the iceberg in funding the system, which is estimated to cost the U.S. more than $500 billion over 20 years to develop, according to the Congressional Budget Office.
The program's high price tag and advanced technology — much of which has yet to be developed or fielded — has already drawn political scrutiny and questions as to how it will be funded moving forward.
What's more, Democratic lawmakers have raised concerns around the possibility that billionaire and Trump advisor Elon Musk could receive Golden Dome contracts via his company SpaceX, an outcome that would appear to be a conflict of interest given his role in the Trump administration.
Asked which companies would be involved in the system's creation, Trump responded that Alaska, Florida, Georgia and Indiana will be a part of the project. Alaska currently houses ground-based interceptors located at Fort Greely and is close to Russia, China and North Korea; Florida is home to several military installations involved in missile testing and development, including the Cape Canaveral Space Force Station; Georgia has several significant Army and Air Force bases; and Indiana produces space satellites at L3Harris Technologies.
To reach Trump's ambitious three-year timeline and $175 billion pricetag to build out Golden Dome, it's likely that many early systems involved would come from existing production lines. Banks mentioned L3Harris, while Sullivan said Lockheed Martin and Raytheon were potential contractors.
Trump also repeatedly said the system will be entirely made in the U.S.
Trump's inspiration for Golden Dome stems from Israel's Iron Dome, a system the small country uses to shoot down short-range rockets and artillery fired from up to 43 miles away.
'We don't have a dome ourselves. We're going to have the greatest dome ever,' Trump said in December 2023 while on the campaign trail, later saying he would 'build an Iron Dome over our country.'
But Trump's Golden Dome would need a far more extensive system as Washington's potential threats don't come from short-range missiles, instead coming from intercontinental ballistic missiles fired from countries such as Russia, China, Iran or North Korea.
A system to protect against those threats would require a massive number of surveillance satellites and attack satellites to detect and shoot down incoming missiles — 400 to more than 1,000 satellites, Reuters previously reported.
The system also has been criticized as unnecessary, as the U.S. already protects itself from any potential incoming long-range missiles via radars and ground-based interceptors located at Fort Greely in Alaska and Vandenberg Space Force Base in California.
Shorter-range missiles would be taken care of by such systems as the Terminal High Altitude Area Defense system, which was deployed to defend Hawaii when North Korea ramped up its missile testing several years ago.
The skies above Washington, D.C., meanwhile, are protected by NASAMS, a short- to medium-range, ground-based air defense system.
But when asked whether military commanders had requested the system, Trump said he 'suggested it, and they all said, 'We love the idea, sir.''
'This is very important for the success and even survival of our country,' Trump said in his opening remarks. 'It's a very evil world out there.'
Updated at 6:01 p.m. EDT
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs. Tariffs remain a key concern for South Korean appliance maker LG Electronics ( The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam. On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks. According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased. "Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence." But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again. "A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances." This isn't the first time LG has grappled with US protectionist policies. 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"It's not a loan or anything, it's a signing bonus," Trump said. Read more here. More cracks form in the US-Japan trade agreement We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal. The Financial Times has a good, detailed look at some of the "cracks" forming: Read more here (subscription required). EU head to meet with Trump this weekend in bid to clinch deal Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal. The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50." From the report: Trump: 'We haven't really had a lot of luck with Canada' President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement. "We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said. More from Reuters: Boston Beer Company says strong profits helped brewer absorb tariff costs The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases. Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million. Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said. Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence. "Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far." 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Reuters reports: South Korean battery firm LG Energy ( Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump. Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30. "US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call. Read more here. Japan, US differ on how trade-deal profits will be split Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. Japan said Friday that profits from the $550 billion investment deal with the US will be shared based on how much each side contributes. A government official suggested the US will also put in significant funds, but details of the scheme remain unclear. The White House had announced earlier in the week that the US would retain 90% of the profits from the $550 billion US-bound investment and loans that Japan would exchange in return for reduced tariffs on auto and other exports to the US. This would mean that returns would be split 10% for Japan and 90% for the US, according to the White House official, and that it would be "based on the respective levels of contribution and risk borne by each side." Bloomberg News reports: Read more here. US business activity rises; tariffs fuel inflation concerns US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. US business activity rose in July, but companies increased the prices for goods and services, supporting the view from economists that inflation will accelerate in the second half of 2025 and it will mainly be due to tariffs on imports. Reuters reports: Read more here. It sounds like Trump now has a new minimum tariff rate: 15% President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. President Trump set a new rhetorical floor for tariffs on Wednesday night in comments in a shift that raises the president's baseline rate from 10%. Yahoo Finance's Ben Werschkul writes: Read more here. Keurig Dr. Pepper brewer sales volume drops 22%, CEO says tariff impacts 'will become prominent' Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. Keurig Dr. Pepper CEO Tim Cofer said that tariffs are putting additional pressure on the company in an earnings call Thursday, especially when it comes to its coffee business, which KDP expects to be "subdued" for the remainder of the year. "Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee," Cofer said. "The tariff impacts will become prominent. And we all know that tariff situation is a bit fluid." Keurig is one of the biggest coffee importers in the US, along with Starbucks (SBUX) and Nestle (NSRGY). The US sources most of its coffee from Brazil, which is set to face 50% tariffs on its products on Aug. 1, and Colombia, which faces a tariff rate of 10%. In Keurig's coffee business, appliance volume decreased 22.6% during the quarter, reflecting impacts of retailer inventory management, and K-Cup pod volume decreased 3.7%, reflecting category elasticity in response to price increases, the company reported. "Our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers," Cofer commented. "And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves." Read more about Keurig earnings here. The EU's Trump insurance As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). As my colleague detailed below, EU member states voted to impose tariffs on over $100 billion of US goods from Aug. 7. The Financial Times reported that this move that allows the bloc to impose the levies quickly at any point in the future should its trade relationship with the US take a turn for the worse. From the report: Read more here (subscription required). Europe approves $100B-plus tariff backup plan A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. A report in the Wall Street Journal on Thursday said that the European Union has now approved its retaliatory tariff package on US goods that could start in August if no trade agreement is reached. The EU announced on Wednesday that it will hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The approval of the package comes despite the growing optimism that the US and EU will reach a deal that would put baseline tariffs on the bloc at 15%, matching the level the US applied to Japan. The EU is keen to reach a deal with the US but as a cautionary measure has approved 30% tariffs if a deal is not made. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Reaction to US and EU trade deal
TURNBERRY, Scotland (Reuters) -U.S. President Donald Trump on Sunday said the United States and the European Union had reached agreement on a trade deal that includes a 15% tariff on EU goods entering the U.S. and significant EU purchases of U.S. energy and military equipment. The deal also calls for $600 billion in investments in the U.S. by the European Union, he told reporters. This follows a U.S. deal with Japan on July 23 that cut tariffs on auto imports and other goods in exchange for a $550 billion package of U.S.-bound investment and loans. Major financial markets were still closed. The euro ended last week around three-week highs at $1.1738, while the STOXX 600 <.STOXX > hit its highest since early June last week as optimism built for an EU/U.S. trading deal. Following are comments from business leaders and companies, and market reaction to the announcement. COMMENTS: MICHAEL BROWN, SENIOR RESEARCH STRATEGIST, PEPPERSTONE, LONDON: "The EU is going to be hit with a 15% tariff which is pretty punchy but it's half of the 30% they were threatened with and it's well off the 50% that Trump had been throwing around at the start of the month so that's good news." "This is more a case of the risk of no deal being removed as opposed to whether it's 15%-20%, I'm not entirely sure that matters so much at least not in terms of how markets are going to trade in an hour or so when things get up and running for the week." "The two obvious reactions that you would expect are upside in the euro and upside in equity futures. I don't think equities in particular needed much of an excuse to rally and now they've got one." ERIC WINOGRAD, CHIEF ECONOMIST, ALLIANCEBERNSTEIN, NEW YORK: "This is very similar to the deal we reached with Japan." "We will need to see how long the sides stick to the deal. From a market perspective, it is reassuring in the sense that having a deal is better than not having a deal." RICK MECKLER, PARTNER, CHERRY LANE INVESTMENTS, NEW VERNON, NEW JERSEY: "It's really in line with the Japan deal, and I assume investors will view it positively as they viewed the Japan deal. The reality is there will be higher tariffs, which may lead to more inflation, depending on how much of it is absorbed by the manufacturers and how much of it is passed on to consumers. I think from the administration's point of view, they probably have begun to address the balance of trade issues. The question remains whether using tariffs as a way to address these imbalances is positive for the global economy or just a tax that helps with jobs here in the U.S." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data