U.S. Approves Sale of $180 Million Anti-Tank System to Taiwan

The U.S. State Department has approved the potential sale of Volcano anti-tank mine laying systems to Taiwan for an estimated price of $180 million, the Pentagon announced on Wednesday. Northrop Grumman and Oshkosh are the primary contractors for the potential sale. According to U.S. law, the executive branch has to notify the COngress of potential arms sales that are over a certain amount. But these notifications are usually not made unless lawmakers have given the State Department and Pentagon informal approval to move ahead.

The potential sale comes amid China’s increased military presence and drills around Taiwan to assert its sovereignty claims over the island. Chinese air force missions are carried out almost daily near the island over the past three years.

Taiwan’s defense ministry said in a statement that the sale would take effect in about a month and it would help boost the island’s “asymmetric warfare” capacity to make its forces more agile.

“The Chinese Communist Party’s frequent military activities near Taiwan have posted severe military threats to us,” the ministry said, adding that continuous U.S. military sales are the “cornerstone of maintaining regional stability and peace.”

The United States is Taiwan’s strongest international backer and main arms supplier, which angers China.

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

China Prepares to Raise Status of Anti-Trust Bureau

China plans to raise the status of its anti-trust agency to better challenge anti-competitive behavior. With President Xi Jinping’s push, the State Administration for Market Regulation (SAMR) has fined firms, particularly the online platforms, for breaching the competition rules. 

Special Report-US Boosts Effort to Find Projects to Finance Around the World

The United States is looking for investments on five to ten infrastructure projects around the world as part of G7’s program to counter China’s Road and Belt Initiative. A US delegation identified projects in Senegal, Ghana, Ecuador, Panama and Colombia in October and November and will visit Asia before the end of the year for similar projects. The delegation aims to identify projects that could start in early 2022. 

Nigeria Aims to Diversify Earnings Away from Oil, Launches Gold Trading at New Bourse

Nigeria’s newly licensed Lagos Commodities and Futures Exchange, started trading gold ahead of its official launch this week. This is the first time gold is offered on a bourse in Nigeria. The country’s Securities and Exchange Commission licensed the Exchange to trade gold with the specification of the London Bullion Market Association’s 99.99% purity, as the bourse targets globally acceptable pricing and quality. 

Stay informed

error: This content is protected !!