He tweeted that local politicians had asked for a "ridiculously high" figure.
Earlier this year, the White House budget chief said the parade would cost us taxpayers between $10 million and $30 million.
The President said he will instead "attend the big parade already scheduled at Andrews Air Force Base on a different date, (and) go to the Paris parade, celebrating the end of the War, on November 11th".
The new price tag was estimated by the Department of Defense and partners working on the parade, which is planned to take place on November 10.
"Don't blame others", Washington, D.C. Council chairman Phil Mendelson, another Democrat, also tweeted.
"War I", Department of Defense Spokesman Col. Rob Manning said in a statement.
How did events unfold before Trump's intervention?
Critics had blasted the planned Washington parade, questioning the lofty cost and the need for it as the Pentagon has sought to stabilize an over-stretched military. It also said there would be "wheeled vehicles only, no tanks - consideration must be given to minimize damage to local infrastructure".
The Department of Defense and its interagency partners have updated their perspective cost estimates for the parade, according to a USA defense official with firsthand knowledge of the assessment.
The focus was set to be the work of USA military veterans through the ages, starting with the American revolution.
As noted at the time, the military parade was expected to cost as much as the "tremendously expensive" bilateral military exercise that Trump swiftly cancelled with South Korea in the wake of the historic Singapore summit. The last time the USA held a major parade for its military was in 1991, at the end of the Gulf War.
Military parades in the United States are generally rare.
Evangelical pastor Andrew Brundson, Trump raised tariffs on Turkish steel to 50 percent, and aluminum duties to 20 percent. On the same day, Turkey's imposition of tariffs on 266.5 million dollars of US goods took effect.
Turkey and its firms face repayments of almost $3.8 billion on foreign currency bonds in October, Societe General has calculated. Mr Erdogan wrote in the New York Times earlier that unless the USA changed course, Turkey would look for new friends and allies.
While Luke will probably have a key role to play in the new movies, it’s certain the new actors will dominate the storyline. He felt he needed to know what all those years have done to Luke even if the material doesn’t get told in the actual movie.
Just a few days ago FC Barcelona offered Man United more than € 100 million to pry him away from Old Trafford. Vardy pulled one back in stoppage time after Ricardo Pereira's cross came back off the post.
Putin also conveyed words of honest sympathy and support to the family of the deceased, the Government and the people of India. Vajpayee wanted India and Pakistan "to move beyond the bloodied history, and be friends", prominent columnist Mehr Tarar said.
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No one wants to see anything happen to him, especially in a practice like this, coming to work and going and not tackling". He walked off the field, talked with trainers and general manager Kevin Colbert, and then left practice.