President trump has made a habit of berating America’s NATO allies for not spending enough on defense. But while Trump and his European counterparts bicker, the larger trend is clear: Military spending globally is at record levels. According to the Stockholm International Peace Research Institute (SIPRI), total defense expenditure globally was $1.74 trillion in 2017, a new high when adjusted for inflation. China’s $228 billion defense budget was the world’s second largest in 2017 and more than twice what it spent a decade ago. The U.S. remains by far the biggest spender. And in 2018 the Pentagon’s budget will leap to some $700 billion.
A version of this article appears in the August 1, 2018 issue of Fortune with the headline “Military Budgets Are Booming”