Defense & Aerospace Report

On this week’s Defense & Aerospace Report Business Roundtable, sponsored by Bell, Dr. “Rocket” Ron Epstein of Bank of America Securities, Sash Tusa of the independent equity research firm Agency Partners, and Richard Aboulafia of the AeroDynamic advisory consultancy join host Vago Muradian to discuss Wall Street’s fourth down week in a row as President Trump says a recession may be possible before his politics improve the economy and escalates his trade war against Europe and Canada; Congress avoids a government shutdown. but faces a full-year continuing resolution; Canada’s new prime pinister, Mark Carney, asks his defense minister to reconsider the country’s purchase of 88 F-35 Lighting II fighters; as European nations accelerate efforts to build capabilities, interest in additional US weapons abruptly wanes; Portugal reportedly decides against F-35s and Turkey opts for Eurofighters; former Airbus CEO Tom Enders urges Europe to focus on autonomous drones rather than high end platforms to quickly improve capabilities in the face of threats from east and west; and what to expect at Joanna Speed’s annual Aerospace Event in Beverly Hills March 17-18, 2025.

Michael Herson, CEO of American Defense International, joins Dov Zakheim, former Pentagon comptroller, Patrick Cronin, Asia-Pacific Security Chair at the Hudson Institute, and Jim Townsend, ex-Pentagon Europe chief. They discuss urgent issues like avoiding a government shutdown, the impacts of recent policy changes on the defense workforce, and the significance of the U.S. resuming military aid to Ukraine. The conversation also touches on Trump’s partnership with Elon Musk and the geopolitical shifts affecting U.S. defense relations globally.

On today’s Strategy Series program, sponsored by General Atomics Aeronautical Systems, Peter Van Praagh, the president of HFX, the group that organizes two annual security conferences — the Halifax International Security Forum and the new HFX Taipei Forum — joins Defense & Aerospace Report Editor Vago Muradian to discuss how President Trump’s will impact US power, global influence and economic prosperity; whether Ukraine can survive against Russia without US help as Washington aligns increasingly with Moscow; how China regards the realignment; takeaways from the recent HFX Taipei Forum; prospect that democracies in Europe, North America and Asia will increasingly come together in a new bloc; whether the international institutions forged by the United States in the unique circumstances after World War II can be reinvigorated if Washington now chooses the undermine them; and why Canada and Canadians are so alarmed and offended by Trump’s rhetoric and actions.

Dr. Arun Seraphin, the executive director of the National Defense Industrial Association’s Emerging Technologies Institute, joins Defense & Aerospace Report Editor Vago Muradian to discuss the defense ecosystem the nation needs to more quickly equip the force; legislation that can help DoD accelerate the fielding capabilities; how to thoughtfully trim government labs and federally funded research and development centers; the importance of open architectures to help ensure a more interoperable force and challenges associated with adopting closed ecosystems; how much of the innovation ecosystem that’s blossomed across DoD in the wake of Defense Secretary Ash Carter’s founding of the Defense Innovation Unit; and the vital importance of robust national investment in education and technology across all disciplines to advancing national security.

The US Air Force convened a very senior panel to review its next generation programs. That panel has reported out in favor of Next Generation Air Dominance, but not Next Generation Aerial Refueling. Former Air Force Chief General John Jumper joins us to explain their work. And, yes, headlines. All powered by GE!

On this week’s Defense & Aerospace Report Business Roundtable, sponsored by Bell, Dr. “Rocket” Ron Epstein of Bank of America Securities, Sash Tusa of the independent equity research firm Agency Partners, and Richard Aboulafia of the AeroDynamic advisory consultancy join host Vago Muradian to discuss Wall Street’s worst week since 2022 over tariff and inflation worries; President Trump doubled tariffs on China to 20 percent as he paused 25 percent tariffs on cars from Canada and Mexico; alarmed by Trump’s pro-Russian rhetoric and suspension of aid and intelligence sharing with Ukraine, European nations agree to surge defense spending to more than $900 billion over the coming four years; the fundamental shift in mindset as NATO members conclude that alliance may be dead as America commits superpower suicide; the Pentagon continues its budget drill to redirect 8 percent of savings annually over the coming five years as senior leaders and executives make their case for programs especially manned aircraft like the F-35 Lightning II fighter and the Next Generation Air Dominance Aircraft; the US Navy drops Lockheed Martin from the FA-XX program, tapping Boeing and Northrop Grumman to move to next phase of the effort to develop the service’s next-generation combat aircraft; Delta Airlines partners with JetZero to develop a new jetliner; and the second SpaceX Starship rocket in a row exploded enroute to orbit.

On today’s program, sponsored by HII, Byron Callan of the independent Washington research firm Capital Alpha Partners and Chris Servello, the co-host of our Cavas Ships podcast joins Defense & Aerospace Report Editor Vago Muradian to discuss growing concern of a year-long continuing resolution; the industrial impact of budget and program uncertainty especially on suppliers still recovering from pandemic impacts; takeaways from President Trump’s address to Congress; defense spending impact of $4.5 trillion in tax cuts, negative impact of economic uncertainty, IRS cuts and Trump’s acknowledgement that his policies likely will cause a recession before growth; administration’s decision to suspend US participation in NATO military exercises and prospect American troops will be withdrawn from Europe; some positives and negatives investors should consider as European defense spending surges; whether Ukraine can survive without US weaponry and intelligence support; and a look at the week ahead.

Join Michael Herson, a defense lobbyist, Dov Zakheim, former Pentagon comptroller, Jim Townsend, ex-Pentagon Europe chief, and Patrick Cronin, Asia-Pacific security expert. They dive into the U.S. budget crisis, discussing potential cuts to Medicare and Medicaid. The group critiques Trump's policies, including tariffs and Ukraine strategy, while analyzing shifting European dynamics post-Brexit. Geopolitics heats up with China's trade threats and negotiations in the Middle East, as they explore the challenges of global diplomacy in today’s tense landscape.

We hopscotch the Air and Space Forces Association’s warfare symposium, bringing you up to date on the F-35 program with Lockheed’s Chauncey Macintosh and talking CCAs with Dave Alexander of General Atomics. Plus a review of the event with Air and Space Forces magazine editor Tobias Naegele. And, yes, headlines. All powered by GE!

Jeff Bialos, the co-chair of the Aerospace, Defense and Security Group at the Eversheds Sutherland law firm who served as a former deputy undersecretary of defense for industrial affairs, joins Defense & Aerospace Report Editor Vago Muradian to discuss Defense Secretary Pete Hegseth’s effort cut 8 percent a year for five years from current spending to pay for new Trump administration priorities; why the cuts are significant and threaten to undermine US capabilities absent additional spending; the reality that 25 to 30 percent more spending may be needed to modernize the force, improve readiness and bolster weapons stocks; industrial strategy recommendations at a time when administration leaders advocate for startups over heritage firms; clarifying the rationale for the defense industry consolidation in the wake of the Cold War; how supply chains became steadily more global; the defense trade impact of Trump and his team’s rhetoric and policies on Ukraine, Europe as well as allies and partners; and implications of tariffs and wholesale job cuts on program performance and costs.