Trump says US strikes ‘de-nuked’ Iran, expects Musk to back Trump Accounts

US President Donald Trump said he believes SpaceX founder Elon Musk could donate the company’s stock to the Trump Accounts savings initiative for children, while also defending the recent US strikes on Iran and reiterating his criticism of the Federal Reserve in a wide-ranging interview with CNBC.”Well, I think that he will do that,” Trump said when asked whether Musk could contribute to the initiative. Referring to donations from other technology executives and founders, he added, “Micron, which is a great company, just did it. Michael Dell is a fantastic guy.”

American semiconductor company Micron has committed $250 million to the programme. Meanwhile, Michael Dell, founder of Dell Technologies, said he would contribute $250 each for 25 million American children to help kick-start their investment accounts.
SpaceX went public on June 12, raising $86 billion in what became the world’s largest initial public offering (IPO). The listing also made Elon Musk the world’s first trillionaire.Trump said he congratulated Musk on the achievement and maintained that the two continue to share a good relationship despite their recent public differences.

“Elon and I had a little disagreement,” Trump said, referring to their fallout after he unveiled H.R.1, a legislative package that proposed tax cuts, a $5 trillion increase in the debt ceiling and higher defence spending.

Musk had criticised the legislation as the “Debt Slavery Bill”, arguing that it would significantly increase the US deficit. However, Trump suggested relations had since improved. “He liked me, still likes me,” he said.

Trump also defended the recent US military strikes on Iran, rejecting suggestions that the operation amounted to a broader war.

“This is not a war per se. This is the de-nuking of Iran,” he said, describing the military action as an effort to eliminate Iran’s nuclear capabilities.

The President also commented on the future leadership of the US Federal Reserve, saying former Federal Reserve governor Kevin Warsh would face “a hostile board” if appointed as Chair of the central bank.

Trump reiterated that he wants to remove Federal Reserve Governor Lisa Cook from the Fed’s Board of Governors, despite the US Supreme Court barring him from doing so.

Commenting on his family’s business interests, Trump said he feels bad that serving as President creates a conflict of interest for investments made by his children.

Trump’s savings account initiative, set to launch on July 4, provides several tax advantages. All US citizens born between 2025 and 2028 will be eligible to receive an initial $1,000 investment from the US government, while older children can also participate in the programme.

The initiative has received backing from several corporate leaders, who have pledged contributions for children, employees and other beneficiaries, reflecting growing corporate support for the programme.

Trump Accounts are set to be launched with executives from Nasdaq and the New York Stock Exchange (NYSE) ringing the opening bell together from the Oval Office, White House economic adviser Kevin Hassett told CNBC.