Trump calls for U.S. military spending to increase by more than 50% to $1.5 trillion

President Donald Trump has called for US defense spending to increase to $1.5 trillion (£1.1 trillion) by 2027 to deal with what he calls “this very troublesome and dangerous time”.

That would be more than 50% higher than this year’s $901 billion budget approved by Congress in December.

“This will allow us to build the ‘Army of Dreams’ we have long been entitled to, and more importantly, it will keep us safe, no matter the enemy,” Trump said on social media on Wednesday.

In separate posts, the president said he would crack down on payments to the owners and shareholders of major U.S. defense contractors unless the companies speed up weapons deliveries and build new manufacturing plants.

Shares of major U.S. defense equipment manufacturers Lockheed Martin, Northrop Grumman and Raytheon rose more than 5% in extended trading in New York after Trump’s announcement.

Economists have previously warned that the gap between U.S. spending and income has reached unsustainable levels.

But Trump said Washington could “easily meet” his proposed $1.5 trillion defense budget thanks to the money brought in by tariffs.

Since taking office in the White House, Trump has pushed the United States and its allies to increase defense spending.

In a separate article on Wednesday, he said military equipment was not being manufactured fast enough and urged companies to build new, modern factories.

Trump said defense companies were paying “huge” dividends to shareholders and buying back stock at the expense of investment in production. He also criticized the “excessive” pay of executives at arms manufacturers.

“No executive should be making more than $5 million, and while that sounds high, it’s a fraction of what they’re making now.”

Trump singled out Raytheon in a separate post, saying it had been “the slowest to respond” to U.S. defense needs and had the slowest growth in production.

“Either Raytheon steps up and starts investing in more upfront investments in factories and equipment, or they will no longer do business with the War Department,” Trump wrote in another post.

The BBC contacted Raytheon for comment.

Trump’s call for a significant increase in defense spending comes as global geopolitical tensions rise.

On Wednesday, the U.S. military Capture of a Russian-flagged oil tanker Alleged violation of U.S. sanctions.

This is after the U.S. military Capturing Venezuelan leader Nicolás Maduro Taking him to the United States over the weekend to face drug trafficking charges.

December, China holds military drills near Taiwan The capture and blockade of key areas of the island were simulated to warn “separatist forces”.