"If approved by the American Congress, it would be the largest-ever U.S. weapons package to the self-ruled territory. "We stress once again that the Taiwan question is at the very core of China's core interests and the first red line that must not be crossed in China－U.S. relations," the Chinese foreign ministry said in a statement on Friday. "Any company or individual who engages in arms sales to Taiwan will pay the price for the wrongdoing.""
"The sanctions entail freezing the companies' assets in China and banning individuals and organizations from dealing with them, according to the Chinese foreign ministry. The companies include Northrop Grumman Systems Corporation, L3Harris Maritime Services and Boeing in St. Louis, while defense firm Anduril Industries founder Palmer Luckey is one of the executives sanctioned, who can no longer do business in China and are barred from entering the country. Their assets in the East Asian country have also been frozen."
Beijing imposed sanctions on 20 U.S. defense-related companies and 10 executives, freezing assets in China and banning Chinese entities from dealing with them. Named firms include Northrop Grumman Systems Corporation, L3Harris Maritime Services and Boeing in St. Louis; Palmer Luckey of Anduril Industries is among the sanctioned executives and is barred from doing business and entering China. The measures follow a U.S. announcement of a more-than-$10 billion arms-sale package to Taiwan, which China says must come under its control and calls a core interest. China urged the U.S. to stop arming Taiwan and has increased military activity near the island.
Read at Fortune
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