logo
NATO members to postpone spending hike Reuters

NATO members to postpone spending hike Reuters

Canada News.Net10 hours ago

US President Donald Trump has demanded the blocs nations invest 5% of their GDP into their militaries
NATO members have agreed to delay the timeline for raising defense spending to the level sought by US President Donald Trump due to Spain'sopposition, Reuters reported on Monday.
Mark Rutte, secretary general of the US-led military bloc, had aimed to secure approval this week for a declaration increasing the defense spending target from the current 2% of GDP to 3.5%, with an additional 1.5% allocated to broader security initiatives, such as bridge renovations to support troop movements.
Citing sources familiar with the matter, Reuters said the draft deadline was pushed back from 2032 to 2035, and the wording was changed from "we commit" to "allies commit," after Spanish Prime Minister Pedro Sanchez publicly declined to endorse the proposal.
Spain is among the NATO members not currently meeting the 2% threshold. On Sunday afternoon, Sanchez announced that Spain would not adhere to the bloc's new objectives and instead would raise military spending to 2.1% of GDP - "nothing more, nothing less."
"We fully respect the legitimate desire of other countries to increase their defense investment but we won't do it," Sanchez said on national television. The remarks were reportedly made after amendments to the draft declaration had been finalized.
Trump on Friday criticized Spain as "notorious" for failing to meet NATO's existing targets and argued that the US, unlike other members, should not be required to hit the 5% mark due to its historically high defense expenditures.
Politico reported that the agenda for the NATO leaders summit in The Hague, scheduled for Tuesday and Wednesday, had been modified to reduce the focus on Ukraine. Vladimir Zelensky was reportedly invited only to a welcome dinner, which he may skip, the outlet noted.
On Saturday, Zelensky called on Western nations to pledge 0.25% of their GDP to supporting Ukraine's arms industry.
Last week, Trump departed the G7 summit in Canada ahead of schedule, missing a session attended by the Ukrainian leader. No joint G7 statement on the conflict between Kiev and Moscow was issued.
NATO maintains that rising defense budgets are a response to threats posed by Russia - a claim Moscow has rejected as fearmongering intended to silence public criticism over future declines in living standards caused by military spending.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump holds out reported Israel-Iran ceasefire deal as validation for his gamble of US airstrikes
Trump holds out reported Israel-Iran ceasefire deal as validation for his gamble of US airstrikes

Toronto Star

time42 minutes ago

  • Toronto Star

Trump holds out reported Israel-Iran ceasefire deal as validation for his gamble of US airstrikes

WASHINGTON (AP) — President Donald Trump on Monday said the '12 day war' between Israel and Iran was set to end in a ceasefire, holding out the reported deal as validation for his strategic gamble of ordering U.S. airstrikes on Iranian nuclear sites. 'It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE,' Trump posted on social media.

Oil extends slump as Trump announces ceasefire in Middle East
Oil extends slump as Trump announces ceasefire in Middle East

Calgary Herald

timean hour ago

  • Calgary Herald

Oil extends slump as Trump announces ceasefire in Middle East

Article content (Bloomberg) — Oil extended a slump as US President Donald Trump announced a tentative ceasefire between Iran and Israel. Article content Global benchmark Brent tumbled almost 5% toward $68 a barrel in early Asian trading, before paring some of that drop. The plunge — which followed a roller-coaster session on Monday that ended in steep losses — took prices to below their level on June 12, the day before Israel attacked Iran. Gold also fell. Article content Article content Article content In a move that will lower crude's risk premium, Trump said that Israel and Iran had agreed to a 'complete and total ceasefire,' which would begin at about midnight New York time, according to a post on Truth Social. Article content Article content The global oil market has been rocked by the crisis in the Middle East on concerns that the conflict could disrupt supplies from the region that pumps about a third of the world's crude. Prices initially spiked, then retraced gains as the standoff unfolded, with Israel, Iran and the US all avoiding hits on oil-related infrastructure and vessel traffic continuing through the Strait of Hormuz with only minor disturbances. Article content 'Traders are now firmly of the belief that the risk of a supply shock is now firmly in the rear-view mirror.' said Chris Weston, head of research at Pepperstone Group Ltd. 'The prospect of a prolonged conflict with US involvement has been repriced, giving the green light to add risk, and pare back well-owned tail-risk hedges.' Article content Article content In a sign of reduced tensions, Brent's prompt spread — the difference between its two nearest contracts — narrowed to 93 cents a barrel in backwardation. While that's still a bullish pattern, with nearer-term prices above those further out, it's down from last week's closing peak of $1.77 a barrel. Article content The crisis erupted earlier this month as Israel attacked Iran in a bid to eradicate its nuclear program, decimate its leadership, and degrade its military, with Tehran firing missiles in reply. In a major escalation, Trump then ordered a weekend strike against the Islamic Republic's nuclear sites. Iran's retaliation to that move was a limited missile salvo against a US air base in Qatar. Article content The tentative ceasefire in the Middle East — if it takes effect and lasts — may pull traders' main focus back to the crude market's underlying fundamentals. There are widespread expectations that oil supplies will run ahead of demand in the second half of this year, spurring a build-up in global stockpiles.

To Enjoy Peace, Iran Must Abandon Its Nuclear Program
To Enjoy Peace, Iran Must Abandon Its Nuclear Program

Japan Forward

timean hour ago

  • Japan Forward

To Enjoy Peace, Iran Must Abandon Its Nuclear Program

On June 21, local time, the United States launched a series of air attacks on three Iranian nuclear facilities. It thereby joined Israel in attempting to prevent Iran from acquiring nuclear weapons. With Iran fighting back, the global situation has reached a critical juncture. US President Donald Trump announced the action that night from the White House. He declared, "Our objective was the destruction of Iran's nuclear enrichment capacity, and a stop to the nuclear threat posed by the world's No 1 state sponsor of terror." Trump also warned Iran to accept peace or face additional attacks. The peace he spoke of would be premised on Iran's abandoning the intent to possess nuclear weapons and the means to develop them. As a signatory to the Nuclear Non-Proliferation Treaty, Iran is not permitted to develop or possess nuclear weapons. To prevent an escalation of the current war, Iran must declare that it will never become a nuclear power. It must also prove its commitment. That means accepting inspections by the International Atomic Energy Agency and the destruction of its uranium enrichment facilities. Supreme Leader of Iran Ayatollah Khamenei vows to retaliate. (Courtesy of the Iranian Supreme Leader's Office, via Reuters, Kyodo) Uranium fuel for nuclear power generation only needs to be enriched by a few percent. But Iran has been producing uranium enriched to 60% and higher. Indeed, Iran has rapidly approached the 90% nuclear weapons-grade threshold. Naturally, Israel and other nations became increasingly concerned that Iran would be able to produce a nuclear weapon in a short period of time. Iran is the only country that publicly declares that it does not recognize Israel's right to exist. Consequently, there is considerable concern that if Tehran acquires nuclear weapons, it could use them to attack Israel. It could do so either directly or by furnishing them to pro-Iranian militants that it supports. Inevitably, that could lead to a nuclear war. Unfolding now is a conventional war similar to what might have happened during the 1994 Korean Peninsula nuclear crisis. At the time, North Korea was first attempting to acquire nuclear weapons. The US, Japan, and South Korea, however, chose to overlook North Korea's potential for possessing nuclear weapons. But today, Israel and the United States have refused to stand by and watch as Iran moves toward becoming a nuclear power. The global situation is in a state of dramatic flux. Prime Minister Shigeru Ishiba's government must strengthen communication with the Trump administration. At the same time, we must be prepared for the possibility that this series of events will lead to further crises. Kim Jong Un provides guidance on North Korea's nuclear weapons program [KCNA photo via REUTERS] Such readiness goes beyond preparing to evacuate Japanese citizens from harm's way. Iran has ordered a blockade of the Strait of Hormuz, although how it will do so is not yet clear. However, laying mines in the waters there, for example, could seriously disrupt Japan's energy imports. In such an event, Ishiba may have to consider dispatching Maritime Self-Defense Force units to participate in mine removal operations. Terrorist attacks on US military bases and American citizens around the world are also possible. Security at US military bases and airports in Japan must be strengthened without delay. Meanwhile, China is watching. We must remain alert for Beijing's exploitation of US military deployments to the Middle East, including intensified Chinese pressure in Northeast Asia. Chinese President Xi Jinping in Beijing, May 31, 2024. (©Reuters via Tingshu Wang/Pool) (Read the editorial in Japanese .) Author: Editorial Board, The Sankei Shimbun

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store