China Bans Two US Companies

China has listed U.S. companies Raytheon and Lockheed Martin as untrustworthy over arms sales to Taiwan, China’s Commerce Ministry said in a statement Thursday.

“This decision was made in order to protect national sovereignty, security and development interests in connection with the sale of arms to Taiwan by the above two companies,” the statement said.

With the inclusion of two companies in the list of inauthentic, they will be prohibited from doing import-export activities with China and investing in it, the management of two companies will also be prohibited from entering China, and it will be prohibited to issue residence and work permits for senior executives in China.

In addition, the two companies will be fined twice the contract value of each company that sells weapons to Taiwan, and they must pay the fine within 15 days after the release of the statement, otherwise additional fines and other measures will be imposed.

Source: News