US will only give aid 'to our friends': Trump

US President Donald Trump on Tuesday said that the United States would only give aid to countries that it regarded as allies.

"The United States is the world's largest giver in the world, by far, of foreign aid. But few give anything to us. That is why we are taking a hard look at US foreign assistance," said the leader of the world's second largest economy.

Addressing world leaders at the start of the annual United Nations General Assembly, Trump lashed out at the OPEC oil cartel, China's trade policies and the International Criminal Court which he vowed the United States would never accept,  a British daily The Independent stated.

Moreover, he accused members of the OPEC oil cartel of "ripping off" the world as he called for a lowering of fuel prices.

"We will examine what is working, what is not working, and whether the countries who receive our dollars and our protection also have our interests at heart," Trump said in his speech.

"Moving forward, we are only going to give foreign aid to those who respect us and frankly are our friends."

The United States stands ready to export our abundant affordable supply of oil, clean coal, and natural gas," Trump told the United Nations General Assembly.

Further, Trump urged heavy pressure both on Iran and Washington's trading partners as he offered a robust defence of the US right to go it alone.

Hours before Iranian President Hassan Rouhani takes the same rostrum, Trump denounced the clerical regime as sowing "chaos, death, and destruction" and doubled down on the US withdrawal of an international agreement on curbing Tehran's nuclear programme.

But the real estate mogul turned populist leader was comparatively subdued a year after he stunned the global body with his bellicose language on North Korea, including a threat to "totally destroy" Kim Jong Un's state.

This time around, Trump heralded his own diplomacy on North Korea including a historic summit in June with Kim, saying he has worked to "replace the specter of conflict with a bold and new push for peace." With midterm elections in the United States little more than a month away, Trump's address at times took on the feel of a campaign address as he heralded low unemployment, The Independent said.

Boasting that his team "has achieved more than any administration in the history of our country," Trump was met with laughter, highly unusual in the solemn General Assembly.

"I didn't expect that reaction, but that's okay," Trump responded.