The US plans to cut fighter jets by one-third, halve bombers, and pull submarines from NATO crisis plans, Der Spiegel reports. What it means for markets.

The US intends to significantly reduce military contributions available to assist European allies in a crisis, including fighter jets, warships and mid-air

The number of U.S. fighter jets is set to fall by a third, Spiegel cited U.S. envoy Alexander Velez-Green as saying during the closed-door meeting.