Prime Minister Mark Carney announces Canada will boost military spending to meet NATO's 2-per-cent GDP target by the 2025-2026 fiscal year, five years ahead of schedule. This rapid shift is attributed to an increasingly 'dangerous and divided world,' threats from Russia and China, and Canada's over-reliance on the U.S. for defence, exacerbated by U.S. protectionist tariffs.
Carney says Canada too reliant on U.S. for defence as he hikes military spending
Canada
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TL;DR: Key points with love ❤️Prime Minister Mark Carney announces Canada will boost military spending to meet NATO's 2-per-cent GDP target by the 2025-2026 fiscal year, five years ahead of schedule. This rapid shift is attributed to an increasingly 'dangerous and divided world,' threats from Russia and China, and Canada's over-reliance on the U.S. for defence, exacerbated by U.S. protectionist tariffs.
Trending- 1 2024: Canada spends an estimated 1.45% of GDP on defence.
- 2 Monday (recent): Prime Minister Mark Carney announces accelerated defence spending.
- 3 2025-2026 fiscal year: Canada aims to meet NATO's 2% GDP target.
- 4 June 24-25: NATO leaders' summit to be held in The Hague.
- 5 Future: NATO expected to raise military spending target to 3.5% of GDP.
- Significant increase in Canada's federal defence budget
- Meeting NATO's 2% GDP target ahead of schedule
- Potential for NATO to raise its military spending target even higher
- Shift in Canada's long-standing defence policy and international contributions
What: Canada's decision to accelerate its military spending to meet NATO's 2% GDP defence expenditure target.
When: Monday (announcement); 2025-2026 fiscal year (new target achievement); June 24-25 (upcoming NATO summit); 2032 (former target); 2030 (Liberal party campaign promise).
Where: Canada; University of Toronto’s Munk School of Global Affairs (speech location); The Hague (NATO summit location); Ukraine (context of Russian invasion).
Why: To address an increasingly dangerous global environment, counter threats from Russia and China, modernize aging military equipment, reduce over-reliance on the U.S., and respond to the U.S. 'monetizing its hegemony' through tariffs.
How: By rolling out a new defence investment plan worth billions of dollars, allowing Canada to meet and potentially exceed the NATO target.