Pentagon Lines Up Nearly $100 Billion for Patriot, THAAD Production; Awards $76.6 Billion Submarine Deal

The U.S. Department of Defense is committing close to $100 billion to defense contractors as ongoing conflicts in Iran and Ukraine draw down U.S. weapons stockpiles, according to a report cited by Jinshi and relayed by ChainCatcher. The funding is aimed at speeding production of Patriot and THAAD missile interceptors. The Pentagon is also moving ahead with a major naval procurement, placing orders for 14 nuclear submarines under contracts valued at $76.6 billion. On July 29 local time, the Pentagon's Patriot interceptor arrangement was revised. A one-year contract signed in April worth $4.7 billion has been replaced by a draft seven-year agreement valued at $58.6 billion. A preliminary seven-year THAAD interceptor contract worth $35 billion has also been finalized.

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