US President Donald Trump on Friday (local time) signed 'One Big Beautiful Bill' into law, which includes tax cuts and a funding boost for the Pentagon and border security.

The bill marks a key legislative victory for Trump's administration after months of negotiations with Republican lawmakers, The Hill reported.

Trump signed the bill during a military family picnic at the White House on US Independence Day. The administration had aimed to have the legislation finalised by July 4, The Hill reported.