16 July,2026 10:34 AM IST | Pennsylvania | mid-day online correspondent
US President Donald Trump. Pic/AFP
US President Donald Trump on Wednesday (local time) announced plans to increase US military spending to USD 1.5 trillion next year, saying the additional investment is needed to strengthen the country's defence capabilities while supporting employment through domestic manufacturing.
Speaking at the Pennsylvania Defense and Innovation Summit, Trump said his administration had already made a record investment in the US military and intends to further expand defence spending in the coming year.
"We've invested a record USD 1 trillion in the United States military, and next year, I'm proud to say, and Pete (War Secretary), we have to get moving on this, a USD 1.5 trillion we're going up to. We need it," Trump said.
Trump argued that higher military expenditure would also benefit the US economy because defence equipment and related systems would be manufactured domestically. He said increased production would support American industries and create jobs across the country.
"It's all made in the USA, so it's not fully a cost, you know it's a cost, we gotta take something, but it's called jobs and when you think of it that way," he said.
The President also referred to his previous term in office, highlighting what he described as significant investments in the armed forces.
"I built the military in my first term, and I used it in my second term," Trump said.
During his remarks, Trump also referred to a US military operation involving Venezuela earlier this year. He claimed the operation was completed quickly and said the financial cost had been offset many times over.
"As you know, Venezuela was, that was actually 48 minutes, but let's call it one day, and we've paid for the cost of that war 50 times over, more than 50 times over already," Trump said.
Trump was referring to a January 2026 US military operation that resulted in the ousting and capture of Venezuelan President Nicolas Maduro. He claimed the mission lasted "exactly 48 minutes" and said revenue from seized Venezuelan oil had already covered the cost of the intervention "more than 50 times over."
Trump's announcement comes as tensions continue between the United States and Iran. During the summit, he was asked whether he had set a deadline for Tehran before authorising potential military strikes on civilian infrastructure inside the Islamic Republic.
Responding to the question, Trump declined to specify a timeline but suggested that Iranian authorities were aware of the consequences if negotiations failed.
"I don't like giving deadlines, but they pretty much know--they know the story. They better behave."
Trump's latest comments follow an interview with Fox News on Tuesday, in which he warned that the United States could begin targeting Iranian power plants and bridges unless Tehran returned to the negotiating table.
He also cautioned that Iran would face severe consequences if it failed to reach an agreement with Washington.
"We're going to hit them very hard tomorrow night. We're going to hit them very hard the night after, and then next week it gets really bad for them, because next week comes the power plants. Next week comes the bridges. We're going to knock out all their power plants. We're going to knock out all their bridges unless they get to the table and negotiate," Trump told Fox News.
(With inputs from ANI)
