President Trump [UPI Yonhap News]

The U.S. Department of the Treasury announced on the 28th (local time) that it will officially launch the so-called "Trump Savings Account" for newborn asset formation on July 4th.

The Treasury Department stated in a press release that it had released an application for account opening on major mobile app stores such as Apple and Google on the same day.

This program provides tax-deferred savings and investment accounts for American children, with the U.S. administration providing a one-time contribution of $1,000 (approximately 1.5 million won) to newborns born between January 1, 2023, and December 31, 2028.

This is a campaign promise by President Donald Trump, and tax benefits are granted based on the "One Big Beautiful Act" passed by Congress last year.

Treasury Secretary Scott Bessent said, "By putting easy access to Trump accounts directly into the hands of parents and young Americans, we are ensuring that America's youth are included in this new era of economic participation."

For children not born during President Trump's second term (January 2025 - January 2029), meaning those born before or after, funds raised through private donations will be contributed to the account.

Previously, Michael Dell, founder and CEO of U.S. computer manufacturer Dell Technologies, and his wife donated $6.25 billion (approximately 9.4 trillion won) to this program, enabling $250 to be provided to 25 million children aged 10 and under born in 2024 or earlier.

Children from households confirmed to meet certain qualifications, such as tax payment, can apply to open an account before reaching the age of 18.

Kevin Hassett, Chairman of the White House National Economic Council, emphasized in April that "Trump accounts offer the socially disadvantaged an opportunity to experience the magic of compound interest."