Germany eyes goal of 1.5 percent defense spending by 2025

German Chancellor Angel Merkel, left, talks to defense minister Ursula von der Leyen to her visit to a Bundeswehr meeting in Berlin, Germany, Monday, May 14, 2018. ( Michael Kappeler/dpa via AP)

BERLIN — Germany's defense minister says Berlin will raise its military spending to 1.5 percent of GDP by 2025 — far short of the 2 percent goal demanded of NATO members by U.S. President Donald Trump.

Defense Minister Ursula von der Leyen said Monday that defense spending will reach 1.3 percent next year. She plans to tell allies at next month's NATO summit that Germany "wants defense spending's share of the gross domestic product to reach 1.5 percent in 2025."

German news agency dpa cited experts saying that would amount to about 60 billion euros ($72 billion), compared with 37 billion euros last year.

She didn't address claims Saturday by the new U.S. ambassador in Berlin, Richard Grenell, that Chancellor Angela Merkel has told Trump that Berlin will reach the 2 percent target by 2030.

Must Read

Trudeau to visit Trump in Washington on Monday

Feb 10, 2017

Canadian Prime Minister Justin Trudeau will meet with U.S. President Donald Trump in Washington on...

Trump and Trudeau meet face to face for the first...

Feb 12, 2017

The first face to face meeting between Prime Minister Justin Trudeau and U.S. President Trump could...

Drugmaker Valeant tops 1Q profit forecasts, chops...

May 9, 2017

Valeant Pharmaceuticals beats 1Q profit expectations, misses revenue forecasts

The Latest: In reversal, Trump doesn't endorse...

Jun 9, 2018

In reversal, Trump tweets that he no longer endorses G-7 joint statement, blames Trudeau's "false...

Trudeau: Canada to legalize marijuana on Oct. 17

Jun 21, 2018

Canadian Prime Minister Justin Trudeau says marijuana will be legal nationwide starting Oct. 17 in...

About Us

Banking Reporter is the largest-circulated online business news in the United States, bringing a whole new genre of business journalism more up close and more incisive.

Contact us: sales[at]bankingreporter.com

Subscribe Now!