Trump says he'll block defense contractor stock buybacks. Here's what his executive order actually does.

Pete Hegseth and Donald Trump.

Jim WATSON / AFP via Getty Images

• President Donald Trump issued an executive order targeting military contractors' corporate spending.
• The order grants the Defense Secretary the authority to seek spending limits via defense contracts.
• It gives Defense Secretary Pete Hegseth newfound sway over exec pay, stock buybacks, and dividends.

On Wednesday night, President Donald Trump went to war with military contractors.

The companies...