At the NATO summit in Ankara, allies announced major defense spending increases, projecting European NATO spending to exceed €800 billion annually by 2030. However, industry order books averaging five to nine years highlight critical manufacturing bottlenecks.
Italy's Finance Minister Giancarlo Giorgetti announced plans to use EU fiscal flexibility to boost green energy and defense spending over three years, aiming to request exemptions from EU deficit targets by mid-August.
Leonardo's CEO Lorenzo Mariani announced plans for further acquisitions and strategic partnerships to support long-term growth, citing Europe's surging defense spending and the need to accelerate processes. The company recently acquired Iveco Defence Vehicles and Raft, and hiked its full-year guidance.
Swedish defense group Saab exceeded Q2 earnings expectations, driven by Europe's rearmament and a record order backlog of 317.7 billion crowns. CEO Micael Johansson urged European governments to adopt long-term, coordinated defense procurement partnerships.
A NATO report reveals a massive increase in defense spending, with Lithuania leading. Despite a $1.364 trillion rise over a decade, the bloc's military capabilities against Russia remain questionable, raising concerns about sustainability and effectiveness.
President Trump has ordered a trade embargo against Spain, citing ongoing tensions over defense spending contributions to NATO. The move, enabled by the International Emergency Economic Powers Act, faces legal questions regarding national security threat criteria. Spain is a significant NATO defense spender and troop contributor.
NATO leaders are in Ankara for their annual summit, aiming to project unity despite ongoing disputes over defense spending, the Russia-Ukraine conflict, and Iran tensions. US President Trump criticized allies for military burden-sharing and Iran stance.
NATO Secretary General Mark Rutte told US President Donald Trump in Ankara that NATO considers the destruction of Iran's nuclear capabilities "important for the whole world" and new US strikes "completely justified." Rutte also highlighted that NATO countries will spend $1.2 trillion more on defense due to Trump's influence.
President Trump criticized NATO allies for insufficient defense spending at a summit in Ankara, Turkey. He singled out Spain and reiterated his desire to acquire Greenland from Denmark, highlighting internal alliance divisions amidst ongoing support for Ukraine.
U.S. President Donald Trump announced Wednesday he is cutting off trade with Spain due to its defense spending, reviving a feud from last year's NATO summit. Trump criticized Spain for refusing to meet NATO's 2035 target of spending 5% of GDP on defense and for not allowing U.S. use of military bases for operations against Iran.
NATO announced billions in new defense deals, promoting transatlantic industrial cooperation. However, the EU is prioritizing its domestic arms industry, creating a potential conflict over how defense funds are spent and who benefits from rearmament efforts.
Europe faces a dual threat from Russia and reduced US military support, prompting calls for increased defense spending and military independence. Despite some nations leading the way, many allies lag behind NATO's 5% GDP target, with a summit in Ankara addressing critical defense materials and anti-drone capabilities.
German Chancellor Friedrich Merz announced that Germany has doubled its defense spending since 2022, reaching €124 billion this year. Merz stated the increase is for national defense and security, aiming to make the Bundeswehr Europe's strongest conventional army. Russia's Foreign Ministry criticized Germany's militarization.
NATO leaders convened in Ankara to address defense spending and support for Ukraine. Key initiatives include the Multilateral Defence Mechanism (MDM) and the proposed Defence, Security and Resilience Bank (DSR Bank) to boost investment and procurement.
Former NATO Secretary General George Robertson criticizes the UK's defense spending plan, stating it's insufficient to meet escalating threats and could lead to a cold reception at the NATO summit in Ankara.
NATO Secretary-General Mark Rutte praised Donald Trump's policies, stating he was right to push allies for increased defense spending and military modernization. Rutte also defended the U.S. role in the "Epic Fury" campaign against Iran, highlighting European support.
The Trump administration anticipates that the security of the Hormuz Strait will be a key topic at the upcoming NATO summit in Ankara. A US official indicated that while some allies are willing to contribute to maritime security, many lack the necessary resources.
President Trump may allow Turkey to rejoin the F-35 program after its removal in 2019 due to its purchase of Russian S-400 systems. This potential breakthrough comes as Trump heads to a NATO summit in Ankara.
NATO allies are increasing defense spending ahead of a meeting with US President Trump, who has criticized members for not meeting spending targets. Germany plans a 32.6% increase, while Canada selects a German firm for a major submarine project. Eastern European nations are also accelerating spending, though the UK, France, and Italy face challenges.
NATO leaders convene in Ankara, Turkiye, amid US President Trump's renewed pressure on defense spending. European nations are expected to announce billions in new military contracts, while Ukraine seeks additional air defense systems. The summit focuses on translating defense spending pledges into capabilities and projecting alliance unity.
NATO leaders convene in Ankara, Turkiye, amid US President Trump's renewed pressure on defense spending. European nations are expected to announce significant new military contracts, while Ukraine seeks further air defense systems. The summit aims to translate spending promises into capabilities and project alliance unity.
President Trump attends a NATO summit facing pressure on defense spending and Russia's war in Ukraine. He spoke with Putin and Zelenskyy, expressing belief that both leaders want the war to end, though experts remain skeptical.
NATO Secretary-General Mark Rutte expressed optimism that European allies and Canada are on track to equalize defense spending with the US, ahead of a key summit in Ankara. Allies are projected to invest an additional $258 billion in defense by 2026, with European nations investing around 4% of GDP.
Germany's draft budget for 2027 allocates 20% of federal spending to defense, aiming to meet NATO targets and respond to security concerns. Chancellor Merz defends the rearmament drive against criticism, while Finance Minister Klingbeil acknowledges domestic policy challenges.
