China announced that it would impose sanctions against two U.S. defense companies in retaliation for their weapons sales to Taiwan.
The move means that both companies are prohibited from engaging in import and export activities in China or making new investments in the country.
They will also be fined twice the contract value of their arms sales to Taiwan since the list first came into effect."Foreign Military Sales are government-to-government transactions and we work closely with the U.S. government on any military sales to international customers," Lockheed Martin told Axios in a statement Thursday.
They could also have a chilling effect on future sales to Taiwan by companies not yet sanctioned by China.China's "unreliable entity" list is a relatively new mechanism, announced by China's Ministry of Commerce in 2019 with implementation guidelines released in 2020.
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