What are the local economic impacts of foreign troop deployments? To answer this question, we exploit variation from the historical large-scale US troop withdrawal from Germany at the end of the Cold War. We use administrative data from the US Department of Defense to precisely quantify the troop withdrawal's size at the municipal level. We deploy a Synthetic Difference-in-Differences (SDID) estimator to estimate the impacts of the troop withdrawal on local outcomes. Our results show negative effects on local labor markets and municipal public finances. Local business tax revenues decrease. Affected municipalities react by lowering their expenditures, while increasing property tax multipliers.