A passenger plane crashed at an airport in India’s western city of Ahmedabad, Indian media reported Thursday.
Images from the scene showed thick black smoke rising up into the sky.
It was not immediately clear how many people were on board or the number of casualties.
This is a developing story and will be updated.
Here’s a quick recap of the crypto landscape for Wednesday (June 11) as of 9:00 p.m. UTC.
Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin (BTC) was priced at US$108,710, a slight decrease of 0.8 percent in 24 hours. The day’s range for the cryptocurrency brought a low of US$108,574 and a high of US$110,269.
Bitcoin price performance, June 11, 2025.
Chart via TradingView.
Bitcoin has surged over 10 percent since June 5, briefly reaching US$110,000 on Wednesday.
If Bitcoin breaks its US$112,000 all-time high, analysts believe it could make a rapid rise to US$114,000, with further gains predicted if momentum continues. Experts’ targets range from US$120,000 to US$150,000 in the short term, while long-term forecasts sit between US$1 million and US$2.4 million.
This week’s on-chain analysis from Glassnode shows a deviation from past bull markets, with long-term holders continuing to buy instead of selling. This points to growing institutional interest and a shift toward long-term thinking. Price swings are unusually low, suggesting a stable market, but moves could be sharp if demand shifts.
Ethereum (ETH) ended the day at US$2,810.96, a 1.6 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,796.60 and saw a daily high of US$2,870.74
Bloomberg exchange-traded fund (ETF) analysts Eric Balchunas and James Seyffart are calling for a ‘potential Alt Coin ETF Summer,’ according to a note released on Wednesday.
“Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products) via @JSeyff note this morning which includes fresh odds for all the spot ETFs,” an X post from Balchunas states.
They predict that the US Securities and Exchange Commission (SEC) could approve exchange-traded funds (ETFs) tracking broad crypto indexes by July. The SEC could also “act early on spot Solana and staking ETF filings” after REX-Osprey filed for Solana and Ethereum ETFs with staking components using a C-Corp structure on May 30.
Seyffart and Balchunas now place the approval odds of SOL and Litecoin ETFs at 90 percent. Spot Solana ETF approval odds also jumped to 91 percent on Wednesday on Polymarket.
Stripe has announced plans to acquire Privy, a specialized cryptocurrency wallet infrastructure developer, for an undisclosed amount in a deal signaling Stripe’s deepening involvement in the digital asset space.
Under the terms of the purchase, Privy will operate as a subsidiary within Stripe, focusing on providing infrastructure for developers engaged in building solutions on cryptocurrency rails. According to Privy’s announcement, this transition to Stripe’s umbrella will empower the company with “more resources, flexibility, and firepower.”
Privy’s core expertise lies in offering comprehensive infrastructure for companies involved in the development and management of digital asset wallets. Its tech enables millions of secure crypto wallets on a global scale.
This acquisition aligns with the broader trend of established financial institutions and tech giants integrating blockchain and cryptocurrency technologies into their portfolios.
The Verkhovna Rada, Ukraine’s parliament, received a draft bill on Tuesday (June 10) that proposes modifications to banking laws. These changes would permit the National Bank of Ukraine to incorporate cryptocurrencies into its reserves, standing alongside gold and foreign currencies. According to Yaroslav Zhelezniak, a member of parliament who confirmed the introduction of the bill via Telegram, bill 13356 would allow crypto to be included, but the central bank would retain full discretion over how much of its reserves to allocate to crypto and would not be required to add it.
Zhelezniak clarified in a video interview with Kyrylo Khomiakov, Binance’s regional head for Central and Eastern European countries and Central Asia, that while the draft bill has been introduced, the Ukrainian government isn’t pushing for cryptocurrency, but wants to keep pace with its increasing global usage.
“This story has the right to life, and, as we see, many countries are implementing it,” he said.
Crypto exchange Bullish has confidentially filed for a US initial public offering (IPO), signaling renewed optimism in digital assets as Donald Trump’s administration ushers in a more crypto-friendly regulatory landscape.
Backed by billionaire Peter Thiel and led by former NYSE President Tom Farley, Bullish’s IPO plans mark a major comeback after its failed SPAC merger in 2021. The company’s move follows Circle’s (NYSE:CRCL) blockbuster US$1.1 billion IPO and coincides with a wave of new filings, including Gemini’s confidential application last week.
Jefferies is slated to lead underwriting for Bullish, though the bank has declined to comment.
Ondo Finance has launched its tokenized short-term US Treasury product, OUSG, on the XRP Ledger (XRPL), using Ripple’s new RLUSD stablecoin for settlement. This marks the first time tokenized Treasuries are accessible on XRPL, allowing institutional investors to mint and redeem around the clock with instant settlement.
OUSG provides exposure to low-risk, short-term Treasuries and is already live on Ethereum and Solana, with a combined US$670 million in assets across chains. With US$30 million in total value locked already on XRPL, this expansion could significantly scale institutional DeFi on public ledgers.
Strategy (NASDAQ:MSTR) is facing a class-action lawsuit alleging that the Michael Saylor-led firm misled shareholders about the risks of its Bitcoin-heavy investment approach.
Law firm Levi & Korsinsky filed the suit on Tuesday, calling on investors who bought shares between April 2024 and April 2025 to join the case, with a lead plaintiff deadline set for July 15.
The complaint cites the company’s recent US$5.91 billion unrealized loss due to Bitcoin’s volatility and claims executives downplayed risk while hyping upside potential. On April 7, the company dropped nearly 9 percent after disclosing a Q1 loss; by May 1, Strategy had formally admitted to the nearly US$6 billion hit.
A second lawsuit, filed by Anas Hamza, is also underway for alleged violations of the Securities Exchange Act.
Saylor has defended the firm’s strategy, arguing that its capital structure is resilient even in the face of a 90 percent Bitcoin crash. Strategy has not issued an official comment on the lawsuits.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
FireFly Metals (ASX:FFM,TSX:FFM,OTC Pink:MNXMF) has attained firm commitments to raise up to about AU$95 million, giving it a total of AU$135 million for its multi-pronged growth strategy.
The company highlighted on Tuesday (June 10) that the equity financing will be completed via the issuance of approximately 94.7 million fully paid ordinary shares; it will receive around AU$1 per new share.
The funds will be raised via three transactions, with the first being an AU$11.2 million charity flow-through placement to Canadian investors. This will be followed by a AU$54.9 million two-tranche institutional placement, as well as a AU$28.8 million fully underwritten Canadian bought-deal offering with BMO Capital Markets.
Alongside the equity raising, FireFly is inviting shareholders to participate in a non-underwritten share purchase plan (SPP) that can potentially raise up to AU$5 million before costs.
Proceeds of the equity raising and the SPP will collectively be allotted to advance the Green Bay copper-gold project in Canada, including transaction costs and working capital.
Located in the Baie Verte district of Northeast Newfoundland on Canada’s east coast, Green Bay was acquired by FireFly in August 2023. Green Bay includes Ming underground mine, which was mined between 1972 and 1982, with activity restarting in 2012. Historic production totaled 6.7 million metric tons (MT) at 2 percent for 134,000 MT of copper.
Measured and indicated resources at Ming are at 21.5 million MT at 1.8 percent for 307,000 MT of copper equivalent, while inferred resources are at 28.4 million MT at 2 percent for 576,000 MT of copper equivalent.
FireFly began drilling at Ming in October 2023, completing 79 drill holes across 37,110 meters within a year.
“The overwhelming demand for the raising reflects the quality and growth outlook at Green Bay, our commitment to a multi-rig exploration campaign and the demand among global investors for top-shelf copper-gold projects,” said FireFly Managing Director Steve Parsons in the company’s press release.
He called the asset, alongside FireFly’s exploration team and AU$135 million in funding, “the ideal recipe for growth.”
FireFly states on its website that it will continue with its low-cost rapid resource growth strategy, with the underground exploration drill drive at the Ming deposit to be extended during this year.
The company debuted on the Toronto Stock Exchange in December 2024.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
A House Ways and Means Committee hearing took an unexpected turn Wednesday when Rep. Linda Sanchez (D-CA) accused Treasury Secretary Scott Bessent of interrupting her because of her gender—prompting audible groans from the room.
The exchange occurred during a tense five-minute questioning session, where Sanchez challenged Bessent on the impact of tariffs enacted under President Trump’s administration.
‘Prices are rising on many everyday goods,’ Sanchez said, citing increases in clothing, shoes, canned food, toys, and household tools. She added, ‘On average, Trump’s tariffs are estimated to cost households $3,000 more for the same goods than they would have last year,’ though she did not cite the source of the figure when pressed.
When Bessent attempted to interject, Sanchez quickly cut him off: ‘Please don’t interrupt me… I know I’m a woman, but please try to limit yourself to answering my questions.’
That remark prompted groans from the hearing room, with one attendee audibly reacting, ‘Oh, come on.’ Sanchez responded: ‘No, I’m sorry, but we get talked over all the time, and I don’t want that to happen at this hearing.’
Bessent, who is openly gay, did not address the accusation and instead focused on defending the administration’s trade policies.
When Sanchez challenged him on pricing impacts and China’s trade behavior, Bessent responded, ‘That’s incorrect,’ and said, ‘They met their agreements under President Trump in 2020, and President Biden did not enforce them.’
Sanchez repeatedly claimed that American consumers are paying more due to tariffs and described recent negotiations with China as rushed and lacking transparency. ‘A poorly negotiated trade deal with China is probably not worth the paper that it is written on,’ she said. ‘I was alarmed to hear this morning that Trump said the U.S.–China deal was done after just two days of talks in London.’
Bessent defended the agreement as an initial step. ‘The deal struck was for a specific goal, and it will be a much longer process,’ he said, adding, ‘China has proven an unreliable partner.’
The clash between Sanchez and Bessent was repeatedly moderated by Chairman Adrian Smith (R-NE), who reminded members of time limits and decorum throughout the hearing.
President Donald Trump said Wednesday he was willing to extend the deadline for countries to reach a trade deal with the United States, but he doesn’t think it will be necessary.
At the same time, he also indicated that in one to two weeks his administration would be sending out letters telling countries ‘what the deal is.’
Trump made the remarks ahead of a performance of ‘Les Misérables’ that he attended at the Kennedy Center in Washington with the first lady.
‘I would,’ Trump said when asked if he would be willing to extend the July 8 deadline for countries to negotiate a trade deal or else face steep tariffs. ‘But I don’t think we’re going to have that necessity,’ the president added, telling reporters ‘we’re rocking in terms of deals’ right now.
Shortly after announcing sweeping tariff policies on April 2 for virtually every U.S. trading partner, the Trump administration chose to institute a 90-day pause to give countries a chance to make a deal with the United States.
Trump noted during the gaggle with reporters ahead of Wednesday’s Kennedy Center performance that the United States remains in talks with about 15 countries with whom it is still trying to cement a deal. But the president said that he intends to send letters to these partners setting unilateral tariff rates if a deal is not reached.
‘We’re dealing with Japan. We’re dealing with South Korea. We’re dealing with a lot of them. We’re dealing with about 15 countries. But as you know, we have about 150-plus, and you can’t [make a deal with all of them]. So we’re going to be sending letters out in about a week and a half, two weeks, to countries and telling them what the deal is.’
‘At a certain point, we’re just going to send letters out … saying this is the deal, you can take it or leave it,’ Trump added.
Highly anticipated trade talks with China held in London this week led to a preliminary agreement between the world’s two biggest economic powers, but the ‘framework’ is still pending final approval from Chinese President Xi Jinping and Trump.
‘We made a great deal with China. We’re very happy with it,’ Trump told reporters at the Kennedy Center on Wednesday evening. ‘We have everything we need, and we’re going to do very well with it. And hopefully they are, too.’
The Gaza Humanitarian Foundation’s (GHF) new chairman is ignoring critics and keeping his focus on what he calls the group’s ‘singular mission’ of making sure the people of Gaza have food.
‘Our mission has nothing to do with Hamas. It has nothing to do with Israel. It has everything to do with making sure that hungry Gazans get food. That is our singular mission. No other mission,’ Rev. Johnnie Moore, GHF’s executive chairman, told Fox News Digital.
Moore took the helm June 3, just a few days after the Israeli- and U.S.-backed aid group began its distribution operations.
Even before GHF began distributing aid, it faced criticism in the weeks leading up to its launch. The United Nations came out strongly against the group. U.N. Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator Tom Fletcher was a vocal critic, claiming the U.N. already had the infrastructure and ability to distribute aid.
Moore, however, believes GHF is ‘trying to solve a problem that the U.N. hasn’t been able to solve,’ namely, the issue of Hamas stealing aid. Rather than admonish critics, Moore is urging them to join GHF’s efforts to get food to people on the ground in Gaza.
The GHF chief also noted that, despite what critics have said, Gazans have been ‘incredibly grateful’ to receive the support. Not only have the beneficiaries been thanking the U.S., they’ve been thanking President Donald Trump. Moore attributes this to a promise the commander in chief made in the Oval Office.
‘They’re thanking President Trump specifically because a few weeks ago, in the Oval Office, in one of the many, many press briefings that President Trump does, he made a passing comment,’ Moore said.
‘And the comment related to how Hamas was treating the Gazan people very badly when it came to humanitarian aid. And he made a promise that the United States would do something about it. And the people in Gaza are attributing our free distribution of food as a direct response to the promise of the president of the United States.’
Israel and the U.S. have repeatedly said that GHF is the best mechanism for distributing aid to Gazans and ensuring that Hamas does not get anything. Moore told Fox News Digital humanitarian aid officials have faced a ‘false choice’ for years between Hamas and the people of Gaza.
‘I think for many, many years, the aid community thought that the cost of giving aid to the people of Gaza is that you had to lose a certain amount of that aid to all of these other nefarious purposes. We’re just showing that that’s a false choice. That doesn’t have to be the case. We can actually give aid without facing these dilemmas,’ Moore said.
‘Since the Israeli authorities allowed the U.N. to resume bringing limited aid into Gaza after nearly 80 days of a total blockade of any supplies, there have been understandable instances of trucks carrying food being offloaded by hungry civilians,’ Eri Kaneko, spokesperson for the U.N. Office for the Coordination of Humanitarian Affairs, told Fox News Digital.
‘In some cases, we have also seen unacceptable looting by armed, criminal gangs, which posed tremendous risk to our drivers’ safety. To meet humanitarian needs in Gaza and help reduce looting, far more essential supplies should be allowed into Gaza through multiple crossings and routes.’
In late May, Israeli U.N. Ambassador Danny Danon revealed the international institution was using ‘mafia-like’ tactics against NGOs that were open to working with GHF. The U.N. removed several NGOs from a shared aid database, which acts as a ‘central system for tracking aid deliveries into Gaza,’ according to Danon.
The following week, after Danon exposed the U.N.’s actions, the U.S. vetoed a U.N. Security Council resolution calling for a ceasefire in Gaza. The resolution also addressed humanitarian aid, though Danon said it would have undermined, rather than advanced, such efforts.
Just minutes before vetoing the resolution, U.S. Chargé d’Affaires Dorothy Shea urged the U.N. to support GHF ‘to help it safely deliver aid without being diverted by Hamas. The GHF has emphasized it will deliver aid consistent with the humanitarian principles of humanity, neutrality, impartiality and independence.’
Energy sector innovators took center stage on Wednesday (June 11), with Eclipse Automation securing major deals in nuclear infrastructure, and Oklo (NYSE:OKLO) snagging a key US clean energy contract.
Eclipse Automation, part of Accenture (NYSE:ACN), has secured multiple contracts to design, manufacture and supply advanced automated tooling and equipment for upcoming CANDU nuclear reactor refurbishment projects.
The projects are at the Cernavoda plant in Romania and the Qinshan facility in China, and the agreements include automated inspection units, radioactive-handling systems, reactor-assembly tools and a remote-control center.
Based in Cambridge, Ontario, and backed by Accenture’s global footprint, Eclipse Automation is working to bolster nuclear safety and efficiency with cutting-edge technology.
“In the last decade, Eclipse has delivered automated solutions and equipment to support nuclear refurbishment work at the Embalse reactor in Argentina, and at the Darlington and Bruce nuclear generating stations in Canada,” said Steve Mai, CEO of Eclipse Automation, in the company’s press release.
Canada’s CANDU (Canada deuterium uranium) reactors trace their origins back to the 1950s, with the first commercial unit, NPD, launching in 1962 using heavy water moderation and natural uranium fuel. Featuring pressure tubes and online refueling, CANDUs allow continuous operation, unlike light-water reactors that require shutdowns.
Today, 19 CANDU reactors operate in Canada, primarily in Ontario and New Brunswick, and over a dozen more are deployed abroad in South Korea, Romania, China, Argentina and India.
The design is prized for high reliability, clean power and the ability to burn natural uranium and alternative fuels.
Canada and other countries are now investing in life extensions and advancing next-generation designs like the Enhanced CANDU-6, the Advanced CANDU reactor and small modular reactors, supported by federal funding to sustain a domestic supply chain and global competitiveness.
Elsewhere, advanced nuclear company Oklo received a notice of intent to award from the US Department of Defense to deploy its Aurora microreactor at Eielson Air Force Base in Alaska.
The project, which will be led by the Defense Logistics Agency Energy, will serve as the Air Force’s pilot for enhancing energy resilience at remote sites. Under a long-term power purchase agreement, Oklo will design, build, own and operate the reactor, supplying both electricity and heat. The Aurora system uses fast reactor technology to deliver continuous, off-grid power — ideal for mission-critical infrastructure.
‘This Notice of Intent to Award reflects continued confidence in Oklo’s ability to deliver clean and secure energy solutions for mission-critical infrastructure,’ said Jacob DeWitte, co-founder and CEO of Oklo. ‘We are honored to support national defense resilience objectives while demonstrating the value of US-pioneered fast reactor technology.’
These contracts reflect a global resurgence in nuclear energy as countries look for ways to power their expanding grids with clean energy.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Nintendo sold more than 3.5 million units of its flagship Switch 2 gaming system in the four days following its launch, with online stores of major U.S. retailers putting up “out of stock” signs.
The record-breaking start for the company’s first new console in eight years, puts Nintendo on the path to realizing its aim of selling 15 million units of the Switch 2 console in the fiscal year ending March 2026.
However, analysts continue to believe that those expectations are modest, and forecast the strong initial demand to sustain.
“The market expected a record from Nintendo, and as it turns out, Nintendo delivered,” Serkan Toto, CEO and founder of gaming industry consultancy Kantan Games, told CNBC.
“All signals prior to launch pointed to significant demand, and I believe we will see further records broken over the next weeks or months,” he added.
Toto has maintains that the Switch 2 will sell over 20 million units in its first 12 months. David Gibson, senior research analyst at MST Financial told CNBC that he expects 20 million sales for the year ending March 2026.
The Switch 2, which was released on June 5, has been met with much fanfare, with people lining up for hours ahead of midnight releases at Nintendo stores.
“Fans around the world are showing their enthusiasm for Nintendo Switch 2 as an upgraded way to play at home and on the go,” Nintendo of America President and Chief Operating Officer Doug Bowser said in a statement, adding the company was thankful for the response.
Tokyo-listed shares of Nintendo, which have gained nearly 30% so far this year, were down 3.5% on Wednesday, LSEG data showed. The company has seen its shares rise nearly fivefold since the original Switch debuted in early March 2017.
It remains to be seen if the Switch 2 can recapture the magic of its predecessor, which had set the bar with 15 million unit sales in its first year. It went on to sell more than 152 million units to become the second-highest selling Nintendo device ever, behind the Nintendo DS.
The record initial sales of the Switch are in line with the strong demand analysts had predicted. However, the rush has put into question Nintendo’s ability to meet demand.
Retailers including Walmart, GameStop, Target and Best Buy were out of stock of the consoles, their online stores showed Wednesday.
In April, Nintendo’s Bowser told CNBC that the company had been working with “retail partners to ensure there’s ample supply for not only the launch weekend, but well beyond.”
However, Nintendo President Shuntaro Furukawa stated the same month that 2.2 million people in Japan had entered the lottery to purchase the Switch 2 on launch day, exceeding expectations and what the company had initially planned to deliver to stores.
Kantan Games’ Toto said shortages in Japan were expected to persist, but would be less impactful elsewhere.
“Except for Japan where demand for Switch 2 is extraordinarily high, it looks like fans who really want the console and invest time in trying to secure one actually can get one,” he said. “It might take a while, but as far as can be monitored, supply seems to be more robust than around the launch of the original Switch in 2017.”
President Donald Trump’s “reciprocal tariffs” on most countries around the world also present headwinds for the Switch 2.
In April, the company announced that it would delay preorders of the Switch 2 in the U.S. while it considers the impact of tariffs.
The Switch 2 retails for $449 in the U.S., which makes it Nintendo’s priciest console to date.
Nintendo’s Bowser said in April the company was going to “monitor where tariffs are going” before making any further decisions on price hikes.
MST Financial’s Gibson said that a resolution to Trump’s tariffs and lower duty rates could see the Switch 2 prices drop in the U.S.
The Switch 2 builds on the success of the original Switch, featuring a larger screen and improved performance. The system also introduces the new GameChat2 feature, which allows players to voice or video chat with friends online and share game screens.
Multiple aid workers were killed after a bus was attacked in Gaza on Wednesday night, according to a US-backed humanitarian aid organization which accused Hamas of carrying out the assault.
Hamas has yet to respond to the allegations.
The Gaza Humanitarian Foundation (GHF), a controversial US and Israeli-backed aid initiative, said that a bus carrying more than two dozen of its team members was attacked by Hamas at around 10 p.m. local time.
“We are still gathering facts, but what we know is devastating: there are at least five fatalities, multiple injuries, and fear that some of our team members may have been taken hostage,” GHF said in a statement.
The group was en route to a distribution center in the area west of Khan Younis, GHF said, adding further details would be provided once they became known.
“We condemn this heinous and deliberate attack in the strongest possible terms,” the GHF said in a statement.
The GHF also accused Hamas of repeatedly threatening the organization in recent days.
On Sunday, Hamas media said its forces have “full authority and mandate to strike decisively against any entity or individual collaborating with the enemy’s plans or with any rogue, criminal, or traitorous elements that violate the law and the traditions of our people.”
“All agents, thieves, and armed criminal gangs are considered legitimate targets for the resistance and its security apparatus,” the militant group said.
The GHF was established amid Israeli accusations that Hamas is stealing aid in Gaza and profiting off its sale but the organization has been controversial from the get-go and criticized by multiple international aid agencies.
The humanitarian situation in Gaza remains desperate.
Restrictions imposed by the Israeli military on aid routes, ongoing airstrikes, a lack of security and the continuous displacement of tens of thousands of people are aggravating an already alarming situation, according to the United Nations and other aid agencies. The supplies that do get in risk getting looted and only a fraction of what is needed is getting in.
Multiple Palestinians have been killed by gunfire near aid distribution sites since GHF began operations.
This is a developing story and will be updated.
US President Donald Trump’s administration has launched a formal review of former President Joe Biden’s AUKUS defense pact with Australia and Britain to allow Australia to acquire nuclear-powered submarines, a US defense official said.
Australia, which sees the submarines as critical to its own defense as tensions grow over China’s expansive military buildup, said it remained committed to the project and looked forward to working closely with the US on the review.
As well as causing alarm in Australia, the review could also throw a wrench in Britain’s defense planning. AUKUS, worth hundreds of billions of dollars, is at the center of a planned expansion of Britain’s submarine fleet.
“We are reviewing AUKUS as part of ensuring that this initiative of the previous administration is aligned with the President’s America First agenda,” the US official said of the review, first reported by Financial Times.
“Any changes to the administration’s approach for AUKUS will be communicated through official channels, when appropriate.”
AUKUS was formed in 2021 to address worries about China’s growing power.
It envisages Australia acquiring up to five US Virginia-class submarines from 2032. Then, Britain and Australia would design and build a new class of submarine, with US assistance. The UK would take first delivery in the late 2030s, with delivery to Australia in the early 2040s.
Before that, the US and Britain would start forward rotations of their submarines in 2027 out of an Australian naval base in Western Australia.
Vocal skeptics among Trump’s senior policy officials include Elbridge Colby, the Pentagon’s top policy adviser, who cautioned last year that submarines were a scarce, critical commodity, and US industry could not produce enough to meet American demand.
Submarines would be central to US military strategy in any confrontation with China centered in the First Island Chain, running from Japan through Taiwan, the Philippines and on to Borneo, enclosing China’s coastal seas.
“My concern is why are we giving away this crown jewel asset when we most need it,” Colby said last year.
Only six countries operate nuclear-powered submarines: the US, the UK, Russia, China, France and India.
A spokesperson for Australia Defense Minister Richard Marles said the US had informed Australia and the UK of the review.
“AUKUS will grow both US and Australian defense industry as well as generating thousands of new manufacturing jobs,” the spokesperson said.
A British government spokesperson called AUKUS “one of the most strategically important partnerships in decades” that also produces “jobs and economic growth in communities across all three nations.”
“It is understandable that a new administration would want to review its approach to such a major partnership, just as the UK did last year,” the official said, adding that Britain will “continue to work closely with the US and Australia … to maximize the benefits and opportunities” of AUKUS.
The White House did not immediately respond to a request for comment, but one official told Reuters the Trump administration “is regularly reviewing foreign agreements to ensure they align with the American people’s interests – especially those initiated under the failed Biden foreign policy agenda.”
US Senator Tim Kaine, a Democrat on the Senate Armed Services Committee, said AUKUS was “critical to ensuring a free and open Indo-Pacific” and the administration should work to strengthen it and the US submarine industrial base.
“Anything less would play directly into China’s hand,” said Kaine, who represents Virginia, where US submarines are built.
AUKUS is Australia’s biggest-ever defense project, with Canberra committing to spend A$368 billion ($240 billion) over three decades to the program, which includes billions of dollars of investment in the U.S. production base.
On Tuesday, Britain announced plans to invest billions of pounds to upgrade its submarine industry, including at BAE Systems in Barrow and Rolls-Royce Submarines in Derby, to boost submarine production as announced in Britain’s Strategic Defence Review. Under this, it will build up to 12 next-generation attack submarines of the model intended to be jointly developed by the UK, US and Australia under AUKUS.
In the US Congress on Tuesday, Defense Secretary Pete Hegseth said “we’re having honest conversations with our allies” and added in reference to Australia: “We want to make sure those capabilities are part of how they use them with their submarines, but also how they integrate with us as allies.”
Former Australian Prime Minister Malcolm Turnbull, who signed a previous agreement to acquire French submarines shelved in favor of AUKUS, told CNBC last week it was “more likely than not that Australia will not end up with any submarines at all, but instead, simply provide a large base in Western Australia for the American Navy and maintenance facilities there.”
AUKUS expert John Lee at Washington’s conservative Hudson Institute think tank said the Pentagon review was aimed at determining whether it could afford to sell up to five submarines when it was not meeting its own production targets.
Kathryn Paik, a Biden White House official now at Washington’s Center for Strategic and International Studies, said providing submarines to Australia would not sacrifice US readiness but instead boost collective deterrence.
“This review most definitely makes our allies in Canberra and London concerned, and could cause them to doubt US reliability as an ally and partner,” she said.