Defense stocks rally as Trump, in a major shift, says Ukraine can win back territory from Russia

Global defense stocks moved higher on Wednesday after U.S. President Donald Trump, in a major rhetorical shift, said Ukraine could retake territory currently occupied by Russia.

In a post published overnight on his Truth Social platform, Trump said that Kyiv, with the support of the European Union and the NATO military coalition, "is in a position to fight and WIN all of Ukraine back in its original form."

The EU and NATO have offered military and humanitarian support to Ukraine — which is not currently a member of either organization — since the start of Russia's invasion in 2022.

Trump said his view came after "getting to know and fully understand" Russia and Ukraine's military and economic situation, noting what he described as the "economic trouble" that the conflict is causing in Moscow. The White House leader also likened Russia to a "paper tiger" — a term that typically refers to a force that appears powerful, but is in truth ineffective.

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