Trump intends to cut US spending by $1 trillion
Photo: Donald Trump (Getty Images)
Donald Trump has announced a reduction in US spending. The American President expects the amount to reach $1 trillion, according to his post on the social network Truth Social.
"Today I had a very good meeting with the Speaker of the House and some of our more conservative members, all great people. I let them know that I AM FOR A BIG POWERFUL SPENDING CUT! WE ARE GOING TO DO A REDUCTION, hopefully over $1 trillion," Trump wrote.
The US President added that all these cuts will be included in "one big, beautiful bill."
"I, along with members of the House and Senators, will be pushing very hard for these massive spending cuts, but we need to get the bill approved NOW. MAKE AMERICA GREAT AGAIN," the Head of the White House concluded.
Trump's tariffs and plan to increase military budget
A week ago Trump announced the introduction of reciprocal tariffs against nearly all of the United States’ trade partners. They range from 10% to 49%, with an individual percentage for each country (the minimum tariffs went into effect on April 5, while the increased ones are to begin today, April 9). China has suffered the most, with a 104% tariff expected to take effect today.
The measures taken by the US President led to a drop in the American stock market. However, he has not backed down from his tariff policy, comparing it to medicine. At the same time, according to the latest data, around 70 countries have already approached Washington requesting negotiations on tariffs.
Earlier, RBC-Ukraine reported that Donald Trump intends to spend $1 trillion on the US military. According to the President, his administration has already approved the country's corresponding defense budget.
