China to Sanction U.S. Defense Contractors Over Taiwan Sales
China intends to hit Lockheed Martin (NYSE: LMT), Raytheon Technologies (NYSE: RTX), and the defense arm of Boeing (NYSE: BA) with sanctions following a move by the U.S. State Department to approve $1.8 billion in arms sales to Taiwan, Bloomberg reported today.
The U.S. government last week said it intends to push forward with a massive arms deal to Taiwan, which has been separate from mainland China since 1949 but which is considered by the People's Republic of China to be a breakaway province.
The weapons to be sold to Taiwan include Boeing-made attack missiles, Raytheon reconnaissance sensors, and Lockheed rocket systems and F-16 fighters.
Source Fool.com
