This is a difficult one. Developing military aircraft is an expensive business and a multi-national agreement is no bad thing as long as the goals of the participating countries are aligned. The UK has proved that it's capable of being involved in such arrangements (Jaguar, Tornado and Typhoon), but we also used to be rather good at developing our own aircraft, as well as exporting them around the world.
I'm not comfortable with the US being in charge of a particular project. The F35 and its use by Israel is a contentious issue.
Perhaps this should be a topic for a separate thread, but I'm not all that convinced that NATO has much relevance these days, especially when Tango Man Trump has hinted that action against a fellow NATO member (Denmark) might be on the cards.
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Trump refuses to rule out using military force to take Greenland and Panama Canal
“We need them for economic security,” says the U.S. president-elect.www.politico.eu
If there were issues with NATO (due to one member) I do wonder if there could be an adjustment (or a new setup which was basically the current NATO membership minus one) where membership was widened to include others.
For example allowing any country who signed up to an agreed set of principles.
They would likely include an agreed amount of spending, that the attack on one was an attack on all and that any military action (where an attack hasn't happened) taken by one had to raised with a quorum of members before it could be actioned without other members not having to defend that member from the consequences*.
That could allow allies from other continents to join such a setup.
* This list point could allow a pre emptive attack on a country where it's known they are building up troops to attack, but only with support of (say) enough members that you had support from enough countries so that 35% of the memberships spending was covered (with a clause capping large spending countries to each only be able to count a maximum of 8 of that 35 even if their share was higher, so there had to be at least 5 other countries in agreement)
That would likely mean agreement with one or more of The UK, France and Germany (depending on membership that could also include Saudi Arabia, India, Japan and South Korea, as well as assuming that the top three spending countries of the US, China and Russia are less likely to be members).
You could also set other things on a similar rule, so you don't get one nation setting all the standards. This would mean that if they left, the procedures, systems, military operations, etc wouldn't be dependent on just one country. It could also create better buy in if there was the potential for things to be setup within members countries (which they could see as economically beneficial).