Taiwan to Double Defense Budget to 5% of GDP by 2030

Taiwan will double its defense budget by 2030 to five percent of GDP, announces the self-governing island's president Lai Ching-Te.

Currently, Taiwan allocates 2.38 percent of GDP to the defense of the island, which is characterized by constantly increasing claims from China, which believes that the territory belongs to the regime in Beijing.

The increase in defense spending is taking place, according to Ching-Te, to better be in line with the increases that NATO countries are implementing.

The announcement comes at the same time as Taiwan is negotiating with the US about lower tariffs on Taiwanese goods.