Defense stocks declined sharply Thursday after former President Donald Trump suggested the U.S. could cut defense spending in half. Trump said he plans to meet with Chinese President Xi Jinping and Russian President Vladimir Putin to discuss reducing military budgets once global tensions ease. Trump's stance on defense spending has been inconsistent, as he has promoted military strength and sought budget cuts. His comments follow his enlistment of Elon Musk to identify government cost reductions and his push for a rapid resolution to the war in Ukraine.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Defense stocks declined sharply Thursday after President Donald Trump suggested the U.S. could
00:06cut defense spending in half. Trump said that he plans to meet with Chinese President Xi Jinping
00:11and Russian President Vladimir Putin to discuss reducing military budgets once global tensions
00:15ease. Trump's stance on defense spending has been inconsistent as he has both promoted military
00:20strength and sought budget cuts. His commitments follow his enlistment of Elon Musk to identify
00:26global cost reductions and push for a rapid resolution to the war in Ukraine.