Investing.com -- President Donald Trump said Wednesday that the United States is "freeing up Cuba" following the Department of Justice's indictment of former Cuban President Raul Castro.

Trump described the indictment as a "very big moment" and stated that Cuba remains on his administration's radar. He characterized the island nation as failing but declined to specify future actions regarding Cuba.

The president said the administration aims to help the Cuban people and indicated there would not be an escalation in Cuba.

Trump made the remarks hours after the Justice Department announced charges against Castro. The president did not provide details about what measures the US government plans to implement.

When asked about Iran, Trump said he would wait a few days for a response from the country.