**The U.S. State Department announced in late April 2026 plans for a limited-edition passport redesign featuring President Trump's portrait and signature on an interior page, tied to the nation's 250th anniversary commemorations in July.** The design places the image over Declaration of Independence text, with issuance slated to begin this summer via the Washington Passport Agency as the default for in-person renewals there. This official action by the agency responsible for passport production and distribution directly supports the current trader consensus around a 78% implied probability of issuance by July 31, 2026. No subsequent procedural delays, funding issues, or successful legal challenges have emerged in the intervening weeks to alter the timeline. While some lawmakers have voiced opposition and called for halting the project, the administration has proceeded with the approved mockups and rollout schedule. The outcome hinges on whether the first batches reach applicants before the market's cutoff, consistent with standard federal agency execution of commemorative designs.