The bill will lower taxes and seek to bolster defence capabilities by allocating $150bn to the sector.
The draft legislation will now be sent to the House of Representatives, with Trump setting up a 4 July deadline for the bill to be passed.
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Kenneth Lamont, principal at Morningstar, said the $150bn boost will “[fire] up an already hot sector, fuelled by escalating tensions in the Middle East”.
“European-based defence funds have raked in $8.7bn in inflows so far in 2025, a staggering jump from just $599m i…
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