Defence giants are the winners in Trump's new 'arms race'

“If Trump gets his way, it will mean a 10pc uplift on what is already the largest defence spend on the planet,” says Dr John Louth, the director for defence, industries and society at the Royal United Services Institute think-tank. “That is hugely substantial. If we see that spent predominantly with US businesses like Lockheed Martin and Boeing, even for us in Europe it will not be a bad thing. The supply chains are so interwoven that it will very much impact on UK and European businesses as component providers to those larger businesses. All that money isn’t just going to be consumed within the US.”