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Free AccessMore US-SK Drills As Kim Calls For 'Exponential' Increase In Nukes
On a visit to South Korea, US Secretary of Defense Lloyd Austin III has committed to an expansion in military drills with Seoul and an enhanced nuclear deterrence in an effort to counter North Korea's stated intentions in boosting its military and nuclear capabilities.
- Comes in the wake of comments issued at the end of 2022 from North Korean leader Kim Jong Un calling for an 'exponential' increase in the country's nuclear arsenal. In mid-Jan, the Supreme People's Assembly - North Korea's rubber-stamp parliament - held a two-day session in which it committed to spending 15.9% of the nation's budget on defence despite the country's economic troubles.
- While hard data regarding North Korea's expenditure is limited, the US State Department’s 2021 World Military Expenditures and Arms Transfers report estimates North Korea as spending the equivalent of 26% of its GDP on defence, the highest proportion of any country worldwide.
- Austin says the American "...commitment includes US conventional, nuclear and missile-defense capabilities, and the forward presence of 28,500 US uniformed personnel (in Korea). So, our adversaries and competitors know that if they challenge one of us, they are challenging the US-South Korean alliance as a whole”.
- Austin states the US-SK relationship is “one of the most capable, interoperable and adaptable alliances in history to confront the North Korean challenge”.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.