Golden Dome will "protect our homeland," Trump said of the the defense shield which would cost some $175 billion.United States President Donald Trump on Tuesday unveiled a plan to develop a defense system designed to detect, track and potentially intercept incoming missiles. He says his "Golden Dome" would cost $175 billion (€155 billion) and he wants it "fully operational before the end of my term." Trump has asked for an initial $25 billion for the program in a sweeping tax-cut bill currently being reviewed by Congress. "In the campaign I promised the American people I would build a cutting-edge missile defense shield," Trump said at the White House. Why Trump wants the 'Golden Dome' "Once fully constructed, the 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," Trump said. He argued "this is very important for the success and even survival of our country." Trump said the dome's more expansive goals will include the deployment of "next-generation technologies across the land, sea and space, including space-based sensors and interceptors." Speaking alongside the US president, Pentagon chief Pete Hegseth said the system is aimed at protecting "the homeland from cruise missiles, ballistic missiles, hypersonic missiles, drones, whether they're conventional or nuclear." The president was asked whether military commanders asked for the system, and he replied, "I suggested it, and they all said, 'We love the idea, sir.'" How the missile defense system will work The missile shield aims to create a network of satellites to detect, track and potentially intercept incoming missiles. The dome would have the capacity to deploy hundreds of satellites for missile detection and tracking. The name and concept stem from Israel's Iron Dome air defense system, which has intercepted thousands of short-range rockets and other projectiles since becoming operational in 2011. However, missile threats to the US are starkly different from the short-range weapons which Israel's "Iron Dome" usually intercepts. The 2022 US Missile Defense Review referenced growing threats from Russia and China. While Beijing is making strides in ballistic and hypersonic missile technology, Moscow is modernizing its intercontinental-range missile systems and developing advanced precision strike missiles. The review also pointed to growing threats of ballistic missiles from North Korea and Iran. What are the concerns around developing the Golden Dome? Both Russia and China have slammed plans to develop the missile shield. Earlier this month, they called the plan "deeply destabilizing" and argued that a "Golden Dome" would risk turning space into a "battlefield." Following talks between the two sides, the Kremlin said in a statement that the dome plan "explicitly provides for a significant strengthening of the arsenal for conducting combat operations in space." Domestically, the "Golden Dome" has also faced opposition from the Democrats. Lawmakers are concerned about the system's procurement process, especially in light of the potential involvement of Trump ally Elon Musk's SpaceX. Musk's SpaceX is a frontrunner to build key components of the system, alongside Palantir and Anduril. They are also sceptical about how effective it will be. Edited by: Louis Oelofse