Subscribe to Axios Markets for the latest on the trade war's impact.


Military spending around the globe is on the rise

Chinese military delegates
Military delegates arriving for the National People's Congress in China. Photo: Nicolas Asfouri/AFP via Getty Images

Global military spending rose by 1.1% in 2017 to $1.739 trillion, per ABC News, with military spending now accounting for 2.2% of worldwide GDP. The United States, China, Russia, Saudi Arabia and India together accounted for 60% of the world's overall military budget expenditures.

The big picture: This year's hike was fueled by increased spending in Asia — especially by China, India, and Saudi Arabia — highlighting the tensions as major regional players attempt further expand their spheres of influence.