Trump administration to cut its financial contribution to NATO
The Trump administration has moved to substantially cut its contribution to NATO's collective budget according to several US and NATO officials, a symbolic move that comes as many continue to question President Donald Trump's commitment to the transatlantic alliance as he prepares to attend a summit to mark its 70th anniversary in London next week.
Previously the US provided some 22% of NATO's direct funding, which covers the cost of maintaining the NATO headquarters, joint security investments and some combined military operations.
It's a largely symbolic move as NATO's direct budget is relatively small, at about $2.5 billion, and is separate from national defense budgets that NATO recommends should stand at 2% of GDP.
US defense officials tell CNN that the Trump administration sought to reduce its contribution to about 16%, bringing it in line with Germany's, which provides 14.8% despite the US having a larger economy.
US and NATO officials told CNN that the other NATO members are expected to make up the shortfall.
Trump has long slammed NATO allies, particularly Germany for not meeting the 2% NATO defense spending target, which only eight of 29 members currently meet. All members pledged to reach the 2% level by 2024 but not all of them currently have plans to do so. Member countries have boosted defense spending considerably in recent years, something Trump has claimed credit for.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Severity: Warning
Message: count(): Parameter must be an array or an object that implements Countable
Filename: amp/news_details_amp.php
Line Number: 252
Backtrace:
File: /home/smartmarketnews/public_html/application/views/amp/news_details_amp.php
Line: 252
Function: _error_handler
File: /home/smartmarketnews/public_html/application/controllers/Amp_controller.php
Line: 41
Function: view
File: /home/smartmarketnews/public_html/index.php
Line: 315
Function: require_once
Smarter Decisions with Smart News
Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.
media@smartmarketnews.com | sales@smartmarketnews.com
Contact Us