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.
