The U.S. defense industry expects Donald Trump's victory in the U.S. presidential election combined with Republicans retaining their majorities in both House and Senate to result in an increase in weapons spending, Forbes reported Wednesday.
Loren Thompson writes that Trump has announced plans to update the country's aging nuclear weaponry that includes long-range bombers, ground-based missiles and missile-equipped submarines.
General Dynamics, Huntington Ingalls Industries, Northrop Grumman, Lockheed Martin and Boeing are among the defense contractors that are likely to benefit from Trump's nuclear arsenal modernization plan, Thompson reports.
The U.S. president-elect also has proposed to increase the size of the U.S. Army and the U.S. Marine Corps, expand the U.S. Navy's fleet of surface combatants, aircraft carriers and other warships to 350, and equip the U.S. Air Force with more fighter jets, according to the report.
Thompson also noted that a possible hike in troops would likely benefit defense companies such as Raytheon and BAE Systems that work to provide radios, ground-based air defense platforms and electronic warfare gear to warfighters.