Defense & Aerospace Report Defense & Aerospace Daily Podcast [Feb 23, 2026] Look Ahead w/ Byron Callan
Feb 23, 2026
Byron Callan, managing researcher at Capital Alpha Partners and Washington defense analyst, offers sharp analysis on tariffs, transatlantic tensions, and shifting European defense spending. He covers UK basing limits and Iran strike risks. Canada’s push for sovereign capabilities and the changing U.S. defense industrial landscape, including a recent IPO wave, round out the discussion.
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Supreme Court Ruling Creates Fiscal And Geopolitical Uncertainty
- The Supreme Court ruling on IEPA tariffs adds legal uncertainty but is a limited direct hit to U.S. defense contractors.
- Byron Callan notes defense hadn't been heavily hit and the ruling mainly raises fiscal and geopolitical questions about tariff receipts and litigation.
Europe Will Favor Domestic Defense Spending
- European countries are politically inclined to spend defense budgets at home, reducing U.S. export share despite U.S. pressure.
- Callan argues taxpayers prefer domestic jobs and Europe has retaliatory leverage affecting U.S. global logistics routes.
UK Base Denial Reveals Transatlantic Rift
- The UK denying U.S. base use for strikes on Iran signals a widening transatlantic rift.
- Callan frames this as part of a broader ideological split and declining cohesion that affects alliance cooperation.