Taiwan Announces New Fund to Buy $40 Billion in American Arms, Build Domestic Weapons

Taiwanese President Lai Ching-te rolled out a new budget that includes a bump in military spending. 

Taipei’s new budget increases defense spending to 5% of Taiwan’s GDP. The surge in military spending includes a $40 billion fund to buy weapons from the US and to produce more arms on the island. 

Taiwan’s defense minister later clarified that $40 billion is the upper limit of what Taipei plans to spend. The fund will be used over eight years. The State Department says. . .