The statement was made in an interview with the American TV network Fox News.
The decision will take effect at the turn of the year. The reason is that Israel no longer needs financial support because it can buy weapons with its own money, Fox News reports.
However, Trump is not ruling out providing new support to Israel if necessary.
“We will help Israel if they need (help),” Trump said in the interview.
According to the president, the Israeli government has agreed with the US to end the support.
The financial aid, equivalent to around 37 billion kronor, was established when Barack Obama was US president and was part of a so-called memorandum of understanding. The agreement was formally valid for ten years and would therefore have remained in effect until 2028.
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