NATO is dead, or in the process of dying. NATO was born when the United States stood alone militarily and economically as the West's power while Europe was weak. Europe is no longer weak, but it certainly acts that way. If if it had the will, Europe would be capable of defending itself. Hence the founding predicate of NATO no longer holds.
The proximate cause of NATO's demise was President Trump's announcing his willingness to seize Greenland by force from NATO ally Denmark earlier this year, (See:Shulmaven: Donnie Does Davos* and Mayhem in Minneapolis ) his failure to consult on his war plans to attack Iran, and most important the the obstruction of NATO allies Spain, France and Italy to deny their respective airspaces to the U.S. Air Force's efforts to to attack Iran. Indeed they even denied access to the U.S. air bases in those countries. It is one thing for them to be passive, it is far another thing to actually obstruct the U.S. military.
It is not as if NATO has no skin in the game in the Persian Gulf. Indeed their economies are suffering far more from the rise in the price of oil than the U.S. I don't know what, if anything, President Trump will say tonight on NATO, but the clock is ticking on its demise. Further it will require congressional approval for the United States to withdraw from NATO. Of course, the only winner in this will be Russia's Putin