China Sanctions Raytheon, Lockheed Over Taiwan Arms Sale

China imposes sanctions on Lockheed Martin and Raytheon over a $100 million U.S. arms sale to Taiwan earlier this month. The Chinese Foreign Ministry said the two military industrial companies have participated U.S. arms sales to Taiwan for a long time.

The ministry further stated that Beijing expects the U.S. to abide by the one China principle and stop arms sales to Taiwan.

The arms sales was requested by Taipei Economic and Cultural Representative Office (TECRO) in the U.S., the de facto Taiwanese embassy in Washington. TECRO had asked for support to improve its Patriot air defense systems.

The U.S. follows the “strategic ambiguity” policy on Taiwan. It recognizes Taiwan as part of China but maintains unofficial relations with the island to ensure it can defend itself.

China, which recognizes Taiwan as part of its territory, has increased pressure on the island in recent months.

Beijing had sanctioned U.S. defense contractors before over weapons sales to Taiwan, the most recent coming in October 2020 against Boeing, Raytheon and Lockheed Martin.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today

Subscribe to Top Insights Today

Subscribe to Executive Newsletter Top Insights Today

The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights

Join the ranks of global executives and subscribe to Top Insights Today

Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Australia, Japan Strike Critical Minerals Agreement

Australia and Japan signed a commercial framework agreement, in which Canberra will supply Tokyo with lithium and rare earths, among other raw materials used for manufacturing technologies critical for energy transition, including electric vehicle (EV) batteries, wind turbines and solar panels. The pact follows talks in Sydney in July between four Quadrilateral Security Dialogue (Quad) members; Australia, Japan, India and the U.S., to set up supply chains for renewable energy systems that do not rely on undemocratic nations, including China. 

Australia’s Fortescue Ventures into Green Steel with Japan’s Mitsubishi

Australia’s Fortescue Metals, one of the world’s biggest iron ore miners, is looking to develop zero-carbon iron using hydrogen at a plant in Austria, with Japan’s Mitsubishi and Austrian steelmaker Voestalpine. This is the first time the Australian miner ventures into “green steel”, which aims to exclude coal from the steelmaking process. Iron ore is the primary input for the majority of steelmaking. The project will use technology developed by Primetals Technologies, a venture involving another Mitsubishi company. It replaces coal-reliant blast furnaces with hydrogen and a smelter powered by electricity. If that electricity is entirely renewable, then in theory the process won’t emit any carbon.

Volkswagen Chooses Canada as Location of Its First Battery Plant Outside Europe

Volkswagen has picked Canada as the location of its battery cell plant in North America, company’s first outside Europe. With the Canadian plant, Volkswagen will be able to get access to both Canadian and U.S. subsidies as it works to localize electric vehicle (EV) production chain in the region. The German automaker announced in December that it was looking at sites in Canada for its new plant, six months after signing a memorandum of understanding (MoU) with the Canadian government to secure access to critical minerals for batteries. 

Stay informed

error: This content is protected !!