The Czech Republic said on Wednesday that it is open to spending more on defence, as demanded by US President-elect Donald Trump. "We are open to this debate," Prime Minister Petr Fiala said, emphasizing that money invested in defence was money well spent.

NATO's current target for members' defense spending is 2 percent of their country's GDP. Trump has repeatedly called on the alliance to increase this amount.

European defence sector stocks rose on Wednesday after U.S. President-elect Donald Trump called for higher spending from NATO allies.

U.S. President-elect Donald Trump said on Jan. 7 that NATO should raise its defense spending benchmark from 2% of GDP to 5%, echoing his earlier calls for Europe to spend more on its security.

Even before being sworn in, Donald Trump harshly criticized European NATO countries. He also changed his stance on ending the conflict in Ukraine, suggesting he could achieve it within half a year, not in 24 hours as he previously claimed.

Even before being sworn in, Donald Trump has harshly criticized European NATO countries. He has also altered his stance on ending the conflict in Ukraine, suggesting he could achieve it within half a year,