As a retaliation for the U.S. dropping a Chinese balloon, the Chinese government placed its own sanctions against the United States with Raytheon Martin and Lockheed Martin.
Although the gesture is symbolic, it comes amid growing tensions between the countries. According to the Wall Street Journal China has placed the companies on its “unreliable entities” list due to their dealings with Taiwan. They are prohibited from trading with China.
China had earlier in the week responded to American sanctions and promised to take “countermeasures.”
Wang Wenbin, a spokesperson for China’s Foreign Ministry, stated that China strongly opposes the move and would take countermeasures according to the law against U.S. entities that threaten China’s sovereignty or security.
The official stated that China would “resolutely protect national sovereignty and its legitimate interests”
Six Chinese companies were sanctioned by Washington last week for being linked to the balloon surveillance program.
President Biden made remarks at the same time, stating that the three balloons that were later shot down were not connected to Chinese surveillance.
Biden stated, “Make no mistake, any object that poses a threat to the safety or security of the American people will be taken down.”
He said that he did not apologize for taking down the balloon.
The U.S. State Department approved three weapons packages for Taiwan in December 2022. These included C-130 aircraft and F-16 fighter jets from Lockheed Martin. Additionally, anti-tank mine system sales by another company were also approved.
According to a Lockheed Martin spokesperson, the company closely collaborates with the government and follows its foreign policy.
The Chinese ministry declared that it would be fining both companies sanctioned for twice the amount of arms sold to Taiwan between 2020 and 2020. They have 15 days to pay, with unknown consequences.
These sanctions prevent Lockheed Martin and Raytheon from making new investments in China, as well as barring senior executives from entering the country.
Biden stated that he was not interested in a cold war, but he is interested to compete with China.
“Since the inception of my administration, we have sought competition with China, not conflict.” “We are not seeking a new cold conflict… but I don’t make any apologies. “We will compete.”