On Friday afternoon (May 2), the White House announced that NASA's budget for next year would be cut by 25%—from $25 billion to $19 billion—an unprecedented reduction.
The Trump administration decided to end the Artemis program after the third mission, now the only attempt to land on the Moon. The SLS rocket and the Orion capsule, which had cost $100 billion over twenty years, were abandoned. The Lunar Gateway orbital station was also abandoned, a project to which Europe, Japan, Canada, and the United Arab Emirates are contributing, and through which astronauts from these countries had a chance to set foot on the Moon.
The mission to retrieve Martian samples collected by the Perseverance rover, which were to be returned to Earth around 2030, has also been abandoned.
This leaves the field open to China, which plans to collect Martian samples around 2030 and send crews to the Moon in the 2030s.
Also: significant reductions in the operating budgets of the International Space Station and, consequently, a reduction in its occupancy and use (although the extent to which this will be achieved is unknown).
But an additional $1 billion has been added to "conquer Mars," a project dear to Elon Musk.