The U.S. State Department’s late-April 2026 announcement of limited-edition America250 passports featuring President Trump’s portrait on an interior page has anchored trader expectations for issuance by July 31. The commemorative design, approved for the nation’s 250th anniversary, includes Trump’s image superimposed over Declaration of Independence text, his gold signature, and patriotic motifs, marking the first time a living president appears in the document. Officials confirmed an initial run of roughly 25,000–35,000 copies to be released starting in July exclusively through the Washington Passport Agency, with standard passports remaining available elsewhere. No passports have been issued yet, but the confirmed production timeline and executive-branch backing underpin the current 78% implied probability for a Yes resolution by the end of the month.