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Germany to Lift Core Defense Spending to 3.5% of GDP by 2029

Europe, NATO Brace for Iran’s Response After US Strikes

Takeaways by Bloomberg AI

Germany is planning to lift core defense spending to 3.5% of gross domestic product over the next five years as part of a massive increase in government investment in the military.

The boost in defense outlays will help Germany meet the NATO alliance’s new goal of committing at least 3.5% of GDP to defense, up from 2% currently. An additional 1.5% in military-related spending will be required to reach the 5% benchmark that US President Donald Trump has demanded — and which NATO members are set to back at this week’s summit in The Hague.