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Globe says Lockheed hears Colby pan defence spending

2026-05-22 06:54 ET - In the News

See In the News (C-LMT) Lockheed Martin CDR (CAD Hedged)

The Globe and Mail reports in its Friday, May 22, edition that the United States government decided to freeze a joint defence board with Canada due to Ottawa's lack of a detailed strategy for increasing military spending to 5 per cent of GDP by 2035 and its reconsideration of purchasing Lockheed Martin's F-35 fighter jets, an unnamed Pentagon official said. The Globe's Adrian Morrow writes that Elbridge Colby, the U.S. undersecretary of defence for policy, announced that Canada had "failed to make credible progress on its defence commitments." Both Prime Minister Mark Carney and Defence Minister David McGuinty have pushed back on Mr. Colby's criticism. Last year, Canada fulfilled its NATO commitment to spend 2 per cent of GDP on defence and announced $80-billion of new money for the military over five years. Mr. Carney downplayed the significance of the board established in 1940 at a summit in Ogdensburg, N.Y. Made up of military leaders and civilian officials from both countries, its role is to study major defence issues and recommend actions to the government. It hasn't met since 2024. The Pentagon official said Thursday that Mr. Carney's actions so far are not enough.

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