President Donald Trump will slash domestic production of energy products and exports in a move that will save the federal government more than $4 billion and help to reduce the nation’s dependence on foreign sources of energy, a senior White House official said Thursday.
Trump will announce Friday that he will end the $4,500 subsidy for wind power and solar power, a move expected to save $5.6 billion, the official said.
Trump has sought to bolster the U.S. energy industry with tax cuts and subsidies for companies, including electric utilities.
The White House has also proposed reducing federal regulations to speed energy development.
The president will unveil his first energy plan Thursday at the White House, the person said.
The Trump administration has also begun considering a range of trade deals, including an ambitious $1.5 trillion trade agreement between the U-S and Mexico.
Trump’s administration has said that it will seek a deal with South Korea to build the world’s largest solar power plant, but the U.-S.
is not expected to make a final deal before the end of the year.
The U.N. General Assembly on Thursday passed a resolution calling for a U.K. exit from the European Union, but a final decision on whether the U to leave the bloc remains unclear.
The Associated Press contributed to this report.