Trump to discuss defense spending with Russia and China, could halve it
Investing.com -- U.S. President Donald Trump expressed his desire on Thursday for a conference with Russia and China to discuss defense spending in a press q&a on Thursday. He stated that the U.S. could "halve defense spending."
Since that point, several defense stocks have slipped; with Lockheed Martin (NYSE: LMT ) down 1.4%, Northrop Grumman (NYSE: NOC ) down 2.2%, General Dynamics (NYSE: GD ) down 2.4%, RTX down 0.5%, and L3Harris Technologies (NYSE: LHX ) down 0.7% as of the writing of this article.
In addition to the proposed conference, President Trump also voiced his support for denuclearization, stating there is no need for the construction of nuclear weapons. This comes as part of his broader aim to reduce military spending and promote denuclearization.
The President's comments indicate a potential shift in U.S. defense policy, with a focus on reducing expenses and nuclear arms. The proposed conference with Russia and China could provide a platform for these discussions.
The details of the conference, including the date and location, have not been disclosed at this time. The President's comments suggest that further discussions on these topics with China and Russia are forthcoming.
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