Raising US defence spending may inspire a new arms race

London

ECONOMISTS worry that President Donald Trump is intent on starting a trade war. More attention should be given to the arms race that he may accelerate. Global defence spending slowed towards the end of the last century and in the early 2000s. Geopolitical threats diminished and financial constraints intensified. Today, in an about-turn, major countries have started or plan to spend more.

Some legacy defence spending is incurred to meet imaginary threats - nobody is going to invade the US. Six battle fleets and 14 aircraft carriers are available to project offensive power, intervene in other people's wars, depose dictators and fruitlessly seek regime change.