PNN – Simultaneously with the threats of the US President and the differences that arose between the two continents, Europe increased its military weapons production.
According to the report of Pakistan News Network from the New York Times, Europe has turned to domestic defense production in the midst of a trade war with US President Donald Trump, as well as in connection with his demands that the Green Continent should not rely on the United States for its security.
The New York Times noted that demand for military weapons in Europe increased and continues to increase after Russia began its special military operation in Ukraine in February 2022. Therefore, with more military weapons produced in Europe, the continent is looking to sell its goods more widely on global markets.
Giancarlo Mezzanato, a senior official at Leonardo, an Italian defense contractor, emphasized that the current situation will encourage the armies of more countries to purchase European weapons.
Currently, both Poland and Türkiye are seeking multi-billion dollar contracts for the Eurofighter Typhoon instead of expanding their fleets of American-made jets.
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Reports suggest that even before Trump imposed global tariffs, European defense stocks were raising as investors who had long ignored the stocks are reconsidering their positions.
The European Commission also announced a proposal in March to increase defense spending to around $840 billion.
The European Investment Bank also announced that it plans to at least double its funding for security and defense projects.
Stephen M. Davis, a senior fellow at Harvard Law School, said in this regard: What has really caused a shift in opinion and approaches is the Trump administration’s apparent reluctance to support Europe in defense matters.
It should be noted that for decades, many European pension funds banned direct investment in the production of weapons such as cluster bombs, chemical, nuclear and biological weapons, and landmines. But after the Russia-Ukraine war, the North Atlantic Treaty Organization (NATO), with the aim of preventing the spread of war in Europe, called on governments, banks, and private funds to invest in the defense industry and accelerate the production of military weapons.
Former NATO Secretary General Jens Stoltenberg said in December 2022 that while investing in health, infrastructure, and education is always the best option, the reality right now is that the only way to maintain peace is to invest in the defense industry.