A two-speed arms race is taking shape: the US is slowing its defence spending while Europe accelerates, according to a report.
Data published on Tuesday by the London-based International Institute for Strategic Studies in its annual Military Balance 2026 shows spending reached an all-time high of $2.63tn last year. But the headline figure masks a widening divergence: Washington is easing back while European capitals press ahead.
Global defence spending rose just 2.5 per cent in real terms in 2025, a sharp slowdown from the near 10 per cent annual growth recorded in the years after Russia’s full-scale invasion of Ukraine in 2022.
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