China sanctions on US companies: The companies’ senior executives are now prohibited from entering China, while their work permits will be revoked, along with their visitor and residential statuses.
China’s Commerce Ministry has imposed sanctions on three US companies from importing and exporting activities related to China. The ministry put General Atomics Aeronautical Systems on its unreliable entities list, and said that it sold arms to Taiwan.
The ministry also imposed sanctions on General Dynamics Land Systems, as well as on Boeing Defense, Space & Security. These companies would not be able to make new investments in China.
The companies’ senior executives are now prohibited from entering China, while their work permits will be revoked, along with their visitor and residential statuses. The related applications they submit will not be approved either, the ministry announced.
This development comes after the Joe Biden administration hiked tariffs on Chinese products including electric vehicle (EV) batteries, computer chips and medical products.
“I just imposed a series of tariffs on goods made in China:
25% on steel and aluminum,
50% on semiconductors,
100% on EVs,
And 50% on solar panels.
China is determined to dominate these industries.
I’m determined to ensure America leads the world in them,” said Biden on social media after hiking the tariffs.
I just imposed a series of tariffs on goods made in China:
25% on steel and aluminum,
50% on semiconductors,
100% on EVs,
And 50% on solar panels.China is determined to dominate these industries.
I’m determined to ensure America leads the world in them.
— President Biden (@POTUS) May 14, 2024