Voice of America News reports: “In the latest escalation of trade tensions between the world’s two largest economies, China on Thursday announced export control measures targeting 28 U.S. companies and added 10 U.S. companies to a list of entities barred from doing business in China.
The larger group of companies is made up primarily of firms active in defense contracting and includes Lockheed Martin and five of its subsidiaries; General Dynamics and three of its subsidiaries; three subsidiaries of Raytheon; one subsidiary of Boeing; and more than a dozen other companies.
Chinese companies are immediately barred from selling ‘dual-use’ items — goods that may have a military purpose in addition to civilian applications — to any of the named companies.
In an announcement, the Chinese Ministry of Commerce said the sanctions were put in place ‘in order to safeguard national security … interests and fulfill international obligations such as non-proliferation.’
Experts pointed out that because U.S. defense contractors don’t typically do business with the country’s major adversaries, the new restrictions would likely have little impact on the companies named by China…”
The post China targets US defense companies with new sanctions appeared first on JVIM.
Leave a Reply