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has died at the age of 76. the leaders of the us, britain and australia, meeting in california, have given details of a defence pact that will provide australia with nuclear powered submarines. president biden, uk prime minister rishi sunak and the australian prime minister anthony albanese, have met to confirm the aukus security agreement. the deal is aimed at countering what the three nations see as china s threat in the indo pacific region. our political editor, chris mason, has more from san diego. a pact of old democracies, coming together to counter a new and growing adversary china. australia and the united kingdom are two of america s most stalwart and capable allies. our common values, ourshared vision for a peaceful, prosperous future unite us, all across the atlantic and pacific. this is about projecting power and resolve. the backdrop, a naval base. the images and the words intended to work in unison. the aukus agreement, we confirm here in san diego, repr ....
Over the next 20 years. it is expected to create thousands ofjobs in the uk. chris mason, bbc news, san diego. well, lets head over to sydney, australia, where our correspondent phil mercer is. how significant is the aukus deal to australia? here in australia it has been viewed as a monument. a history making decision that will make australia only the seventh country to operate nuclear powered submarines. the australian government is also keen to point out to voters in this country that the aukus submarine deal could generate up submarine deal could generate up to 20,000 jobs but all of this comes with an enormous price tag for australia, estimated that it could reach 244 billion us dollars. that s over several decades. but ....
follow the money or the lack of money, right? this is an administration that s own treasury secretary janet yellen, okay, went to the bank after the g-7 energy deal and said, listen, we want to make sure that no banks lend money to fossil fuel companies unless absolutely necessary. they weaponized the federal reserve to go after banks to look at their carbon footprint and say hey, if you are lending money to u.s. oil and gas, you could be it could be a crime against climate. we will go after you. they are going after pension funds, investors. i have customers, sean, whose banks have closed their accounts, why? because they re oil producers. that s unamerican in my view. and i think that kind of pressure on pension funds and investors is what is really killing the u.s. energy industry right now. brian: we have $244 billion in u.s. liquified gas projects stalled because they can t get financing. do you believe did you know ....
With me. let me unpack that. it is true that u.s. does have a trade deficit. but what that means is a lot more complicated than the president is making it out to be. so let s start with the basic question. what is a trade deficit? it is quite simply, the gap between how much more the u.s. imports compared to how much it exports. official figures from last year put our deficit at $566 billion. not 800. let s examine the president s claim. he said in his tweet yesterday, last year we had a trade deficit of almost $800 billion. now as i just established, that is not true. his figure off by more than $200 billion. why is that? he is taking aselective view of the issue. only talking about the trade deficit in goods like steel and aluminum. and we have a more than $800 billion deficit but we have a trade surplus in the service sector which is what now drives the u.s. economy. that surplus was $244 billion last year. ....
A fight? and they have tremendous power. and they have gotten a lot of democrats scared. i think democrats are making a mistake. yeah? this is the year to stand up to the nra, not to cower. i think you re making a big mistake by cowering. let me ask you about the issue with newtown. i fart at parties and it everyone said at the least we can get an assault weapons ban. to your point, maybe the wrong doesn t make me as smart as they are. way to focus. worth watching the whole thing, by the way. that s right, the canadians are using farting to combat smoking. on monday, mayor michael joe biden touched on that today, too. for all those who say we bloomberg announced he was moving forward with a lot of shouldn t or couldn t ban high capacity magazines, i just ask stores from publically displaying cigarettes and other them one question think about newtown. think about newtown. and people do think about tobacco products because such newtown, david. displays suggest that smoking ....