The three sides have been working to provide Australia with a fleet of nuclear-powered submarines, given restrictions on technology transfers and classified nuclear processes. Signature Bank was taken over by New York state agencies last Friday, March 12, 2023. The AUKUS partnership was announced in 2021, but Monday's announcement will cement the details. Australia is purchasing up to five Virginia-class boats as part of the deal, according to the Associated Press.Ĭhina objects to the deal, arguing it violates the Nuclear Non-Proliferation Treaty, which outlaws the transfer of nuclear weapons materials from a nuclear-weapon state to a non-nuclear-weapon state.Īustralian officials counter that they are working to acquire nuclear-powered and not nuclear-armed submarines.īiden will also hold bilateral meetings with Albanese and Sunak in San Diego. military funding by 5 billion pounds ($6 billion) over the next two years in response to Russia's invasion of Ukraine and Chinese aggression. The consortium, announced in 2021, paved the way for Australia's access to nuclear-powered submarines, which are stealthier and more capable than conventionally powered boats, as a counterweight to China's military buildup.Īhead of the tri-lateral meeting, Sunak announced he will increase U.K. Pacific fleet, Biden will meet with Australian Prime Minister Anthony Albanese and British Prime Minister Rishi Sunak - two of America's closest allies - as part of the 18-month nuclear partnership known by the acronym AUKUS which stands for AUstralia, UK, US. Upon landing in San Diego, home of the U.S. The trip will include fundraising stops as Biden steps up his political activities before an expected announcement next month that he will seek reelection in 2024. He will discuss gun violence prevention in Monterey Park, California, and his plans to lower prescription drug costs in Las Vegas. San Diego is Biden's first stop on a three-day trip to California and Nevada. Soon after Biden's departure to California, US stocks slumped Monday amid worries over the banking system following the collapse of Silicon Valley Bank and others. Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on Main New York City.
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