Trump set to announce new tariffs as well as slashes $3 billion in federal spending

US President Donald Trump has announced that Washington may introduce additional trade tariffs in the coming days.

Speaking to journalists at the White House, Trump indicated that the US would soon impose tariffs on various goods, including automobiles, wood, and semiconductors, Caliber.Az reports via foreign media.

He emphasised that the US would ensure the return of all semiconductor companies, stating that many of them were already coming back, even though the measures had not yet been enacted.

In a related development, Trump is also making significant cuts to federal spending, targeting nearly $3 billion, with much of it earmarked for foreign aid. 

This move, which involves reversing parts of a fiscal deal from 2023, has stirred controversy, particularly among conservatives. The cuts are being made from emergency spending funds allocated under the 2023 Fiscal Responsibility Act, which capped federal spending but included side agreements that Trump and his allies have criticized. 

Trump has decided that a significant portion of the funds, specifically around a quarter of the $12 billion allocated for emergency spending, does not qualify as an emergency. As a result, he is exercising his discretion "unilaterally" to cut this spending, a decision that will be formally communicated to Congress through a presidential memo. 

Approximately $2.5 billion of the $2.9 billion in canceled spending was slated for foreign aid, including support for migration and refugee assistance and economic development aid for countries like Moldova and Georgia. However, military assistance to nations such as Ukraine will remain unaffected. The cuts will also target diversity, equity, and inclusion initiatives. Despite these reductions, the remaining $9.4 billion in emergency spending allocated by the 2023 law will stay intact.

By Naila Huseynova