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00:00A major focus of our conversations at the summit was the need for other NATO members to take up the burden of the defense of Europe, and that includes the financial burden. As you know, it was a 2% and we got it up to 5%. And they said a couple of them came up to me. One in particular said, Sir, we've been trying to get it up to 3% for 20 years and we haven't been able and you got it up to 5%. So they're going to be most of them, I guess almost all of them are going to be contributing now 5%, a number that. People are surprised that you need it today. The United States accounts for two thirds of all NATO defense spending. And since I began pushing for additional commitments in 2017, believe it or not, our allies have increased spending by $700 billion. I said to people, you don't have any money, and a lot of them weren't paying them. So I started the process and I picked it up as soon as I got back, which is six months ago. And following my election last November, almost all have accelerated plans to reach the 2%, 3%, 4%, and then ultimately, very quickly, 5%. And all of this is going to be done very quickly, almost immediately. You probably know this as well as I do. I'm sure they've been talking about it's really been a big focus in a very historic milestone this week that NATO's allies committed to dramatically increase their defense spending to that 5% of GDP, something that no one really thought possible. And they said, You did it, sir. You did it. Well, I don't know if I did it, but I think I did. This will be known as the Hague defense commitment, which is pretty good, pretty appropriate. When the Allies reached this number. It will add more than $1 trillion a year. Think of that 1 trillion per year. Who are common defense. And this is a monument really to to victory. But it's a monumental win for the United States because we were carrying much more than our fair share.

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Trump Takes Credit for NATO Spending More on Defense

President Donald Trump talks about NATO members agreeing to increase their defense spending. "Most of them, I guess almost all of them, are going to be contributing now 5%, a number that people are surprised at but you need it today,” he said. Trump speaks at a press conference at the NATO summit. (Source: Bloomberg)