Mr Trump was impressed by France's Bastille Day parade on a visit in 2017 and said the US could "top it".
But figures released on Thursday suggested the event could cost about $90 million (£71m) - more than three times the original estimate.
Critics had also made comparisons to parades in countries led by autocrats.
The parade was originally conceived to mark the centenary of the end of World War One, on 11 November.
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