Ongoing geopolitical developments such as Russia’s war in Ukraine and tensions between China and Taiwan have continued to fuel higher US military spending.
The demand for military weapons is the strongest it has been in years, with historic investments by US allies and partners, and record US national defense funding that jumped by $76 billion to $858 billion for fiscal year 2023. This includes $816.7 billion specifically for the Pentagon.
Originally published by Bloomberg Law – January 25, 2023.
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