BA - Boeing Trades Nearly 1% Lower as China Imposes Symbolic Sanctions On Airplane Maker And Other US Defense Firms Over Taiwan Arms Sales | Benzinga
In a move that is largely seen as symbolic, China has imposed sanctions on three U.S. defense contractors, including Boeing Co. (NYSE:BA), for their involvement in arms sales to Taiwan.
What Happened: The sanctions were announced by China’s Commerce Ministry on Monday, targeting Boeing Defense, Space & Security, General Atomics Aeronautical Systems Inc., and General Dynamics Land Systems Inc., reported Bloomberg.
The companies have been added to China’s “unreliable entity” list, a punitive measure against entities that compromise national security. The sanctions could lead to trade restrictions, investment limitations, and visa constraints.
These sanctions come on the same day that Taiwan inaugurated a new president, Lai Ching-te, who has vowed to maintain strong ties with the U.S., including in the military sphere. China has consistently expressed its intention to eventually bring Taiwan under its control, even if ...