During the signing event, President Trump remarked, “On trade, I have decided, for purposes of fairness, that I will charge a reciprocal tariff, meaning whatever countries charge the United States of America, we will charge them no more, no less. In other words, they charge the US a tax or tariff, and we will charge them the exact same tax or tariff, very simple.”

A strong economy is vital to national security. In addition to reliable access to energy, minerals, and capital, any great power fundamentally requires a resilient, production-oriented, economic infrastructure that ensures a comprehensive and adequate industrial base capable of producing most of the nation’s necessities.

Furthermore, America’s national debt exceeds $36 trillion, with a debt-to-GDP ratio surpassing 133 percent. In fiscal year 2024, the cost of servicing the debt’s interest surpassed America’s defense budget.

Americans place great importance on fairness and balance. The Declaration of Independence famously states that “all men are created equal” and advocates for equal treatment for all individuals, regardless of status or position. The Constitution establishes a framework that balances power among various branches of government, as outlined in James Madison’s Federalist 51.

Socrates once remarked, “If measure and symmetry are absent from any composition in any degree, ruin awaits both the ingredients and the composition…. Measure and symmetry are beauty and virtue the world over.” He was right.

President Trump seeks to implement tariff reciprocity towards America’s competitors in a fair, just, and balanced manner. Can this same principle be applied to his peace through strength deterrence approach? Yes, it can.

Dynamic parity is a nuclear deterrence strategy that deliberately achieves and maintains a contextually symmetrical balance of nuclear force capabilities, capacities, and composition in relation to the combined nuclear strength of China, North Korea, Russia, and possibly Iran. This strategy seeks to balance America’s nuclear deterrent force against the potentially collaborative arsenals of these adversaries, thereby enhancing deterrence, reassuring allies, and preserving strategic stability in a world lacking binding arms control agreements.

America is about 15 years into a 30-year effort to recapitalize its nuclear arsenal, which has a program of record that offers a one-for-one intercontinental ballistic missile (ICBM) swap, two fewer ballistic missile submarines, and a reduced bomb load capacity. The current program of record was designed for a world that no longer exists.

Even the Biden administration’s acting Assistant Secretary of Defense for Space Policy acknowledged the need to explore “options for increasing future launcher capacity or adding more deployed warheads in land, sea, and air capabilities” to address the significant growth and variety of China’s nuclear arsenal. The 2023 Congressional Commission report on U.S. Strategic Posture stated that the current nuclear modernization program is “necessary, but not sufficient” for facing two nuclear peers: China and Russia.

Americans often assess the fairness of financial rewards and the distribution of costs, commonly reacting to perceived unfairness with feelings of hostility and responding with protest. Regarding economic, political, or national security issues, we are “wired to resist unfair treatment.” This sense of fairness and balance also extends to America’s defensive posture. A recent Reagan National Defense Forum Survey noted that 77 percent of voters were concerned that the national debt might force defense cuts, with 79 percent supporting increased defense spending, and 70 percent of those surveyed were concerned about “Russia launching a thermonuclear attack against the US.”

In this context, geopolitical fairness refers to the perceived evenhandedness among nations in a manner that mutually impacts interests. Meanwhile, geopolitical balance pertains to the distribution of perceived power between states in the international system. The 2024 Annual Threat Assessment noted that Russia possesses the largest, most diverse, and most modern nuclear weapons stockpile in the world. This infers that America remains inferior in aggregate nuclear weapon numbers and is trailing in modernization, which creates an imbalance.

Correcting long-standing imbalances in trade policy and military shortfalls is vital to the American conscience. Allowing trade deficits with economic competitors to persist without challenge is akin to unilateral disarmament. The US trade deficit for goods reached a record $1.2 trillion in 2024, while the treasury borrowed $2 trillion that same year. Ongoing deficits of this magnitude threaten domestic companies and jobs, putting negative pressure on GDP and the prosperity of individual Americans. Ensuring that America’s nuclear deterrent can counter the threats posed by its adversaries will safeguard citizens’ security and sovereignty, enabling prosperity.

President Trump’s new Trade and Tariff Reciprocity Policy, like the nuclear deterrence strategy of Dynamic Parity, places the burden of acceptable behavior on America’s competitors. They both empower America to act in the interest of fairness, aiming to achieve balance in both process and product. Geopolitical stability is not born of an America exploited economically or constrained militarily. This kind of weakness is not only provocative but also insulting.

Col. Curtis McGiffin (US Air Force, Ret.) is Vice President for Education of the National Institute for Deterrence Studies and a visiting professor at Missouri State University’s School of Defense and Strategic Studies. He has over 30 years of total USAF service. The views expressed are his own.

Trump’s Trade and Tariff Policy Benefits America’s Nuclear Deterrent was originally published on Global Security Review.

Specifically, if the United States does not reduce government spending and reduce the national debt, the nation’s ability to modernize the nuclear arsenal and keep pace with rapid technological advancements is not possible. It is time for a “guns versus butter” debate that ultimately reigns in domestic spending.

The relationship between economic power and military strength is well-documented. As Paul Poast notes, “Money is power.” Paul Kennedy’s research empirically shows, from the Roman Empire to the Cold War, that economic decline often precedes the erosion of military dominance. In today’s context, the United States faces a growing national debt, projected to surpass $50 trillion by 2033, according to the Congressional Budget Office. While this staggering figure is often discussed in terms of domestic economic consequences, such as inflation and interest rates, its implications for national security are equally alarming. The costs of servicing this debt, combined with rising entitlement spending, will leave fewer resources available for defense.

Deterrence and the Need for Modernization

Deterrence, particularly nuclear deterrence, is the bedrock of American security strategy since the end of World War II. The ability to deter adversaries—whether through nuclear capabilities or advanced conventional forces—depends on maintaining a credible threat of retaliation. This requires not only a robust military infrastructure but also a commitment to modernization.

The American nuclear arsenal, a cornerstone of deterrence, is aging. The nuclear triad—comprising land-based intercontinental ballistic missiles (ICBM), ballistic missile submarines, and strategic bombers—was largely developed during the Cold War. Many of these systems are nearing the end of their operational lives, and without significant investment, they will soon become less effective. The Sentinel ICBM program and the Columbia-class submarine are critical components of this modernization effort, but they come with hefty price tags. The Department of Defense estimates that modernizing the nuclear triad will cost over $1.5 trillion over the next 30 years.

This modernization is not optional. As adversaries like China and Russia expand their nuclear capabilities, failure to update our arsenal would undermine the credibility of American deterrence. In addition, North Korea’s continued nuclear development and Iran’s pursuit of nuclear weapons only increase the need for a reliable deterrent. However, modernization is only possible with sustained investment. If the US continues its current fiscal trajectory, defense spending will only decline, as it already has, by the growing demands of interest payments on the national debt and mandatory spending on programs like Social Security and Medicare.

Technological Advancements: The New Frontier of Deterrence

Beyond nuclear modernization, the future of deterrence will be defined by emerging technologies. As Michael Horowitz notes in his 2020 article, artificial intelligence (AI), quantum computing, autonomous drone warfare, cyber warfare, and hypersonic weapons are reshaping the nature of conflict. These technologies have the potential to transform military operations by providing advanced capabilities for precision strikes, autonomous systems, and cyber operations that can incapacitate an adversary’s critical infrastructure without the need for traditional warfare.

However, the integration of these technologies into the American defense apparatus requires substantial investment in research, development, and deployment. China is already making significant strides in AI and quantum technologies, while Russia continues to prioritize hypersonic weapons development. The US cannot afford to fall behind in this technology race, as the consequences for deterrence are dire. A nation that lacks cutting-edge capabilities risks becoming vulnerable to both traditional and non-traditional forms of warfare.

Yet, technological innovation is expensive. Maintaining a competitive edge in AI, cyber capabilities, and other advanced technologies requires not only a well-funded military but also a robust industrial and academic infrastructure. If government spending continues to spiral out of control, the funds necessary to develop and integrate these technologies will be diverted to service the national debt or shore up social welfare programs. This creates a vicious cycle in which the American military falls further behind while adversaries close the gap—or even surpass the United States—in critical areas.

The Economic Roots of Military Power

The decline in military readiness that results from unchecked government spending and rising debt is not hypothetical. Historical examples illustrate the dangers of economic mismanagement leading to military weakness. The Soviet Union, for instance, collapsed, in part, because it overextended itself militarily while failing to manage its economic challenges. While the US is far from Soviet-style economic collapse, the lesson is clear; no nation can maintain military dominance without a strong economic foundation.

Paul Poast, a leading scholar on the political economy of security, highlights the importance of economic capacity in sustaining military power. Military expenditures are only sustainable if the state has the economic resources to support them. Poast argues that focusing solely on military budgets without addressing the underlying economic conditions that make those budgets possible is a recipe for disaster.

In the American case, the growing national debt is directly threatening the economic foundation necessary for sustained military investment. Interest payments on the debt already consume $900 billion each year, and that figure is expected to rise significantly in the coming decade. As interest rates increase, so will the cost of servicing the debt, leaving fewer funds available for national defense. Without a course correction, this fiscal irresponsibility will leave the US incapable of maintaining its military superiority, much less modernizing its forces for the future.

The Path Forward: Fiscal Responsibility as a National Security Imperative

To avoid this grim future, the US must prioritize fiscal responsibility as part of its broader national security strategy. There are no historical examples of any nation borrowing its way to prosperity. This begins with reining in government spending and reducing the national debt. While this may require difficult political choices—such as reforming entitlement programs or scaling back certain discretionary spending—the alternative is far worse. A nation that cannot afford to invest in its defense is a nation that cannot defend itself.

Moreover, reducing the national debt would free up resources for the investments necessary to modernize the nuclear arsenal and integrate emerging technologies into the military. By putting the nation’s fiscal house in order, it is possible to ensure that the US remains a global leader in both traditional and technological forms of deterrence. Failure to do so risks not only economic consequences but also the erosion of America’s ability to defend its interests and allies in an increasingly volatile world.

The political economy of security is not just about guns and bombs—it is about dollars and cents. If the nation fails to address the growing national debt, the US will prove unable to modernize its nuclear arsenal or keep pace with the technological change that is defining the future of warfare. Fiscal responsibility is not just a domestic issue; it is a national security imperative. Only by controlling spending and reducing debt can deterrence remain credible.

By taking the necessary steps now, the nation can secure a future where America’s deterrent capabilities remain strong and its security unassailable. Failing risks a future where deterrence fails, and with it, the ability to protect the nation and its allies. The stakes could not be higher.

Aaron Holland is a PhD candidate at the University of Utah and an Analyst at the National Institute for Deterrence Studies.

The Political Economy of Security was originally published on Global Security Review.

Vice President Kamala Harris certainly grasps the fact that voters respond to promise that their cost of living will come down, but they rarely understand the implication for the economy of government intervention. Harris’ calls for price controls on drugs and groceries and promises of tax cuts for the poor or benefits increases fails to explain how and who will pay for them.

At the same time, Donald Trump’s call for 10 percent tariffs on all imports and 60 percent tariffs on Chinese goods, plus his threat to deport many of the estimated 20 million illegal aliens currently in the United States, not only amounts to higher prices, but it will devastate the agricultural, restaurant, construction, and hospitality industries. It is certainly not a free trader perspective. Thus, neither party’s perspective offers a clear path to growth, offsetting tax hikes, like tariffs, or increased federal revenue with which to pay for all the benefits they are offering.

Since the US is both the principal and ultimate arbiter of international order, whose power rests on the sound management of its economy, both examples of this illiteracy endanger not just the American economy, but that of other states around the world. Worse yet, these examples of misconceived economic thinking come at a time when international challenges are rapidly multiplying. Indeed, bipartisan reports describe the American military as increasingly maladapted to contemporary and future threats.

These reports underscore the urgent need for comprehensive modernization, recapitalization, and increases of both conventional and nuclear arsenals due to mounting challenges from the axis of authoritarianism: China, Iran, North Korea, and Russia. Indeed, even the Biden administration, which cannot be accused of partiality towards nuclear weapons, has stated the need for modernization and investment in newer and more nuclear weapons and, recently, went so far as to alter nuclear employment guidance.

At the same time, Americans have equally urgent domestic pressures that must be seriously addressed but are not discussed. These include the need to reduce deficits, ensure long-term non-inflationary growth, increase the labor participation rate, maintain technological leadership, reform and simplify the tax code, and apply existing immigration law while determining if new laws are needed. Yet nobody is seriously raising these domestic issues let alone addressing the fact that a strong economy is needed to address defense challenges—and build the military needed.

For example, neither campaign mentioned that servicing the national debt, for the first time in history, exceeded defense spending in 2024. This fact represents an unmistakable sign of decline and is a canary in the coal mine that the nation must reduce domestic redistribution programs while also carefully employing military force when absolutely necessary.

Neither should a response to these challenges lead the nation, as some Republicans argue, into a new unilateralism that would isolate the US from its allies and lead to further chaos. Nor can the nation afford a progressive policy of ever greater spending on redistribution programs—without paying for them.

Both sets of delusional thinking ultimately bring about the worst of all possible outcomes. Americans will find themselves with a greater probability of war and lower economic growth.

It is time both campaigns’ economic policies are subjected to tougher scrutiny by the media and voters. They must be persuaded, if not compelled, by the exigencies of politics, to explain how they will pay for future needs, balance the budget, and confront well-known challenges.

This requirement should apply to defense modernization as well. If history is any guide, only a serious threat to the nation motivates government and industry to mobilize capability for the required defense buildup. The bipartisan reports, mentioned above, clearly suggest the United States is facing a similar threat to that faced by imperial Japan and Nazi Germany before World War II began.

Vice President Harris and former President Trump must address questions going far beyond the partisan bickering that is endemic of this election. Perhaps the September 10 presidential debate will offer some clarity on important issues.

Commentators suggest that this election is about generational change. This, however, is no guarantee that change is for the better. Eastern Europe experienced great change after 1945, but it was decidedly for the worse.

Thinking strategically about medium- and long-term challenges and consequences is imperative. The abiding delusion that American prosperity, world leadership, and security is unending and self-sustaining deserves a much more rigorous evaluation. The nation may very well be standing on a precipice, and it will be the next president who either pulls the nation back or sends it over the edge. Let’s hope it is the former.

Stephen Blank, PhD, is a Senior Fellow at the National Institute for Deterrence Studies. The views expressed are his own.

Our Delusional Presidential Campaigns was originally published on Global Security Review.

Prior to their defeat, the UK’s Conservatives advocated for raising defense spending to 2.5 percent of gross domestic product (GDP) by 2030, higher than NATO’s existing 2 percent goal for member states. Their 14-year record left much to be desired with programs cancelled, defense investment waning, and the British armed forces nearly “hollowed out.” Enter Labour, which also pledged to spend 2.5 percent of GDP on defense, subject to streamlining government finances. With an unwavering commitment to NATO and the UK’s nuclear deterrent, such an increase may be possible.

However, Labour’s immediate decision was to declare a “strategic” pause on the 6th-generation aircraft program whilst they investigate its feasibility. Chief of the General Staff General Sir Roland Walker predicted that Britain must be ready within three years to fight a war against an “axis of upheaval” of China, Iran, North Korea, and Russia. And when delivering his closing keynote address at the Royal United Services Institute (RUSI) Land Warfare Conference (2024), Walker declared that he intends to double the Army in three years and triple it by 2030.

In France, foreign and defense policy are reserved for the president. However, it is the parliament that controls the purse, which is problematic when the president’s party does not hold a majority in parliament—the case for Macron. Because Macron was concerned with the strong showing of the “far right” National Rally in European Parliament elections, he abruptly dissolved the French Parliament, calling for constitutionally scripted elections in two rounds, for its 577 members (called “députés”) to be renewed.

The first round saw the National Rally come in first place, followed by an improvised grouping of “far left” communists, socialists, and greens, with Macron’s centrist party shrinking and the center-right Les Républicains barely surviving. Tactical voting in the second round had Macron’s party and the hastily coalesced left mutually desist to prevent the right-leaning candidates from reaching an absolute majority. This resulted in a hung parliament, with no pathway for coalitions leading to an absolute majority from which a prime minister could be selected.

Because of France’s election outcome, Macron might wait until September to nominate a prime minister. No one knows from which party the prime minister will come. The key is choosing a person who can ensure the government survives any parliamentary motion to terminate the government. Thus, it remains unclear how the potential ungovernability of France, until the 2027 presidential election, may affect defense policy.

The European Parliament’s swing to the right weakened German Chancellor Olaf Scholz’s Social-Democrat Party and his Green Party allies. Former German defense minister, Ursula von der Leyen, recently won reelection to the presidency of the European Commission by a more comfortable margin than five years ago, grabbing the vote of Green Party members. She pledged to implement the Green Deal, albeit in diluted form. Von der Leyen also received support from Italian prime minister Georgia Meloni, who leads the right-wing coalition immediately on von der Leyen’s right, though not as “far” right as the coalition led by French National Rally’s Marine Le Pen and Hungary’s Victor Orban. As president of the European Commission, von der Leyen offers strong support for Ukraine, and stronger European defense—in areas where the European Commission can sway what national governments plan and implement.

At the NATO 75th anniversary summit in Washington, DC, the national leaders of member-states issued a plan for the next year, calling Ukraine’s path to membership in the alliance “irreversible.” That statement follows a document issued by NATO at the 2023 Vilnius, Lithuania, summit. For NATO accession to start, a country should not be involved in on-going conflict. So even if the NATO accession process could be accelerated for Ukraine, it is unlikely to happen any time soon. Ukraine’s president, Volodymyr Zelensky, was not given an accession schedule.

In February 2024, at the annual Munich Security Conference, long before his selection as Donald Trump’s running mate, Senator JD Vance rang alarm bells among Europe’s political and foreign policy elites when he voiced his opposition to military aid for Ukraine and bluntly warned that Europe will have to rely less on the US to support NATO. Political rhetoric has a place in American elections, but the fact is, American presidents change their views as resources tighten.

Regardless of whether Donald Trump or Kamala Harris win the White House in November, the United States faces fiscal constraints in the years ahead because it faces a national debt that now exceeds defense spending. A perfect storm driven by the “Axis of Upheaval” may absorb American capability in the Indo-Pacific while the US is stretched thin elsewhere.

Europeans may signal which candidate they perceive as more hostile to their interest, but it is the geopolitical and budgetary math that ultimately shapes the nature of alliances. Unless Europe tackles the harsh reality that it must take its own defense seriously, French President Macron will be proven right after he once argued that it was not only an issue of sovereignty, but a matter of survival for Europe. How that works politically and fiscally is for Europe to figure out.

Christophe Bosquillon is a Senior Fellow at the National Institute for Deterrence Studies. He has over 30 years of international experience in general management, foreign direct investment, and private equity and fund management across various industries in Europe and the Pacific Basin. The views expressed in this article are the author’s own.

Political Uncertainties Are Affecting Europe’s Defense Buildup was originally published on Global Security Review.