The president wants to raise the war budget to USD 1.5 trillion by 2027

According to FT:

"Because of Tariffs, and the tremendous Income that they bring,” he added, “we are able to easily hit the $1.5 Trillion Dollar number”.

The huge proposed increase in defence spending comes as Trump has increasingly used the military to achieve his foreign policy goals during his second term.

US forces on Wednesday seized a Russian oil tanker in the Atlantic Ocean over alleged sanctions violations, days after a vast operation to capture Venezuelan strongman Nicolás Maduro.

The White House on Tuesday stepped up rhetoric about taking control of Greenland, saying “utilising the US military” was among the options the president was considering.

According to fool49:

Tarrifs can only raise about half the amount to fund the increase in the war budget. US military is strong enough for defense. But not for offense. We now have a secretary of war, and a department of war. Who are being used now for threatening Colombia, Iran, and Greenland. War with them, will make the US less safe, not more safe.

And to fund the increase in war spending, most of the money will come from taxpayers. If tariffs or taxes are not enough, the fiscal deficit will have to be increased. If that happens, future generations, will have to pay for the presidents current military adventures.

Reference: Financial Times