Not so long ago, the F-35 fighter jet was the hottest ticket in the international arms market. Though it had suffered teething pains in development, going over budget by 50 percent in its first decade,

President Donald Trump announced the Pentagon’s decision to move forward with a next-generation fighter jet titled F-47 on Friday in joint remarks alongside Secretary of Defense Pete Hegseth from the Oval Office.

Boeing has been awarded the contract to build the U.S. Air Force's most sophisticated fighter jet yet, dubbed the F-47, beating out competition from Lockheed Martin for a program worth more than $20 billion.