Defense & Aerospace Report Defense & Aerospace Report Podcast [Oct 26 ’25 Business Report]
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Oct 26, 2025 This week features Dr. “Rocket” Ron Epstein, a senior analyst at Bank of America Securities, Sash Tusa, an independent analyst focused on European defense, and Richard Aboulafia, an expert in aerospace trends. They dive into the implications of the U.S.-China trade talks, analyzing the strategic impact of Beijing's chip export ban. They also discuss the satellite merger between Airbus, Leonardo, and Thales, and Ukraine's potential acquisition of Gripen fighters, exploring its significance for Ukraine's defense strategy.
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Rare-Earths Forcing Industrial Policy Talk
- Trade tensions and rare-earth export controls are unlikely to be resolved quickly at upcoming leader talks.
- Policymakers increasingly view industrial policy and price floors as necessary to spur domestic investment in critical materials.
Markets Look Through Short-Term Political Noise
- Markets have grown numb to sudden policy shifts and often 'look through' volatile statements from administrations.
- Rocket Ron Epstein noted investor resilience using Bombardier shares rising despite trade comments about Canada.
Industrial Strategy Often Follows Crisis
- Countries rarely adopt industrial strategies until hit by supply shocks or security threats.
- The Nexperia case exposed Europe's dependency and spurred belated moves to secure semiconductor and defense supply chains.