It is very likely that in the coming weeks President Trump will announce a U.S. withdrawal from the Intermediate-Range Nuclear Forces (INF) Treaty. This decision comes after acusations that Russia has violated the treaty by having a missile launch system that exceeds the treaty’s 500-kilometer range limit. Without this treaty the chances of another arms race, or something similar, does increase. There are a few possible options for creating new treaties or improving the currently treaty; however, The U.S. has refused to engage in discussion with Russia to find mutually beneficial solutions.
Significance: In order to avoid potentially dangerous arms relations between the two parties, it is necessary to come up with some type of diplomatic solution even if that is not the INF Treaty.
See article here: https://www.armscontrol.org/act/2019-01/focus/preventing-new-euro-missile-race