Whale Large Capital
  • Politics
  • World News
  • Business
  • Investing
  • Politics
  • World News
  • Business
  • Investing

Whale Large Capital

Politics

NATO leaders predict era of 2% defense spending ‘probably history’ as Trump reportedly floats higher target

by December 24, 2024
December 24, 2024
NATO leaders predict era of 2% defense spending ‘probably history’ as Trump reportedly floats higher target

A group of four NATO leaders and a representative from the European Union on Sunday said they agreed it was time to invest more in defense spending as Russia remains a chief security threat in Europe amid the war in Ukraine, and as Western leaders brace for the incoming Trump administration. 

Greek Prime Minister Kyriakos Mitsotakis argued the era of spending 2% of a nation’s GDP on defense was ‘probably history’ but he, along with the other four leaders in attendance at the North-South Summit in Lapland, Finland fell short of saying what that figure should look like. 

‘We know that we need to spend more than 2%,’ Mitsotakis said. ‘But it will become very clear… once we interact with the new president, what is the figure that we will agree on within NATO.’

The summit was convened by Finnish Prime Minister Petteri Orpo, and was also attended by Swedish Prime Minister Ulf Kristersson, Italian Prime Minister Giorgia Meloni and European Union foreign policy chief Kaja Kallas.

The leaders were questioned about a recent report by the Financial Times that said President-elect Donald Trump intends to push NATO to increase its defense spending requirement from 2% to 5% — a requirement that would demand all nations, including the U.S. which spends just over 3% of its GDP, to drastically increase spending on defense.

The Trump transition team did not answer Fox News Digital’s questions on whether Trump is going to be pushing all NATO nations, including the U.S., to drastically ramp up defense spending.

Instead, a spokesperson for the Trump transition team said, ‘President Trump believes European nations should meet their NATO defense spending obligations and step up their share of the burden for this conflict, as the U.S. has paid significantly more, which is not fair to our taxpayers. He will do what is necessary to restore peace and rebuild American strength and deterrence on the world stage.’

Fox News Digital also could not get clarity over whether an increase in defense spending would be supported by GOP lawmakers given the large number of conservatives in Congress, as well as his Vice President-elect, who have called for cutting U.S. aid to Ukraine, as well as last week’s internal fighting in the House among Republican lawmakers over spending disagreements. 

Even as NATO leaders at the North-South Summit agreed Russia is Europe’s ‘greatest threat,’ they urged caution when it came to dealing with ‘rumors’ surrounding the incoming Trump administration. 

‘I would wait to understand exactly what is the real will of the new president of the US,’ Meloni said, according to a Bloomberg report. ‘On NATO, we all know and understand that we have to do more. A lot of what we can do is up to the tools that we are able to put on the table.’

The Finnish prime minster echoed a similar sentiment and said, ‘Europe has to take greater responsibility for its own security. This means that European countries have to be strong leaders, both in the EU and in NATO.

‘[Russia] is trying to consolidate power and sow discord in Europe. The geopolitical situation is also very challenging in the Middle East and North Africa, for example,’ Orpo added, according to Euro News. 

Kristersson said spending more on defense was important, in part, so that European nations were less dependent on the U.S. being ‘the main sponsor’ of the alliance’s defense, but also to show Washington that European nations do take defense ‘seriously.’

‘European countries — individually, most of us, and collectively — need to strengthen our defense. And let’s do that,’ he said. 

Trump during his first administration pushed NATO leaders to meet their 2% defense spending pledge, which several did — increasing the number of allies to meet the terms of the NATO agreement from five in 2016 to nine in 2020.

But that number dropped to just six once Trump left in 2021.

By 2022, however, NATO leaders have once again began re-evaluating their defense budgets following Russia’s invasion of Ukraine, and by 2024, a historic number of NATO allies had met their spending agreements, with 23 out of 32 nations spending at least 2% of their GDP on defense. 

Only Poland spends over 4% of its GDP on defense, while four nations spend over 3%, including Estonia, the U.S., Latvia and Greece. 

Croatia, Portugal, Italy, Canada, Belgium, Luxembourg, Slovenia and Spain have yet to meet their defense spending commitments.

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Drag shows, Arabic Sesame Street, lonely rats: GOP senator details how Biden spent $1T on ‘government waste’
next post
Johnson allies urge Trump to intervene as messy speaker battle threatens to delay 2024 certification

You may also like

Trump’s 24th week set to focus on ‘big,...

June 30, 2025

Conservatives explode at botched Epstein document rollout: ‘Complete...

March 1, 2025

DOGE’s greatest hits: Look back at the department’s...

April 29, 2025

Trump threatens lawsuit over ‘blue slips’ as top...

August 25, 2025

White House removes Cuba’s state sponsor of terrorism...

January 14, 2025

Trump-aligned group sues Chief Justice John Roberts in...

May 5, 2025

Iran’s president denies claim that Iran tried to...

January 15, 2025

Trump reportedly plans to unleash around 100 executive...

January 11, 2025

Trump’s picks so far: Here’s who will be...

November 18, 2024

Gunman shoots dead 2 Supreme Court judges in...

January 18, 2025

    Subscribe today to receive exclusive access to all our retirement secrets and income strategies, including special financial news and updates from our experts. From time to time, our newsletters feature valuable insights and analysis on the latest financial trends. Don't miss out on these exclusive updates – join our subscription to stay informed!


    By opting in you agree to receive emails from us. Your information is secure and your privacy is protected.



    Latest

    • Trump says he will require voter ID with executive order

      August 31, 2025
    • Trump nominees squeezed between ‘blue slips’ and blue obstruction

      August 31, 2025
    • Trump appointee exits US foreign aid agency after four-month sprint: ‘Mission accomplished’

      August 31, 2025
    • Sen. Bernie Sanders calls on RFK Jr. to resign following departure of CDC officials

      August 31, 2025
    • Israel eliminates Houthi prime minister in Yemen airstrike targeting senior government officials

      August 31, 2025
    • Dyan Cannon denied White House entry after lying about her age on passport documents

      August 30, 2025

    Categories

    • Business (786)
    • Investing (661)
    • Politics (5,416)
    • World News (3,213)
    • Terms & Conditions
    • Privacy Policy
    • Contact us
    • About us

    Disclaimer: WhaleLargeCapital.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 WhaleLargeCapital.com | All Rights Reserved