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Taiwan's President Tsai Ing-wen during a visit to Penghu Air Force Base. Photo: Sam Yeh/AFP via Getty Images

China plans to impose unspecified sanctions on Boeing, Lockheed Martin, Raytheon and other U.S. companies involved in weapons sales to Taiwan, Reuters reports, citing a Chinese Foreign Ministry spokesperson.

Why it matters: The Trump administration last week notified Congress of an additional $1.8 billion in proposed arms sales to Taiwan. China's recent military exercises and the buildup of forces along its southeastern coast have renewed fears of an invasion of Taiwan, which Beijing views as a breakaway province that must be brought under its control.

The big picture: The proposed sanctions mark a continued tit-for-tat escalation between Washington and Beijing, as China institutes measures that parallel U.S. attempts to contain Chinese firms it deems a security risk.

  • Amid heightened tensions this year over Beijing's handling of the coronavirus, its crackdown on Hong Kong, trade practices, and human rights abuses in Xinjiang, the Trump administration has stepped up its support for the democratic Taiwan with arms sales and visits by high-level U.S. officials.
  • “To safeguard our national interests, China decided to take necessary measures and levy sanctions on U.S. companies such as Lockheed Martin, Boeing Defence, and Raytheon, and those individuals and companies who behaved badly in the process of the arms sales,” Chinese Foreign Ministry spokesperson Zhao Lijian said.

Go deeper: As Taiwan's profile rises, so does risk of conflict with China

Go deeper

Nov 17, 2020 - World

Scoop: State Department to release Kennan-style paper on China

Illustration: Sarah Grillo/Axios

The U.S. State Department's Office of Policy Planning is set to release a blueprint for America’s response to China’s rise as an authoritarian superpower, Axios has learned.

Why it matters: The lengthy document calls for strong alliances and rejuvenation of constitutional democracy. Axios obtained a copy.

The defense industry worries about Biden

Data: FactSet; Chart: Danielle Alberti/Axios

America's defense contractors aren't celebrating Joe Biden's victory. They haven't accepted defeat yet, but they are digging in for budgetary battles.

Why it matters: The biggest companies in the military-industrial complex tend to see increasing revenues only under Republican presidents.

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

New deals in the COVID economy

Illustration: Sarah Grillo/Axios

COVID-19 is the macro horror of our lifetimes, and has destroyed or severely damaged countless businesses. But, like with most horribles, it also has created some opportunities.

Driving the news: Merck this morning announced an agreement to buy OncoImmune, a Maryland-based biotech that showed promising late-stage clinical results for a therapy that treats severe and critical coronavirus cases.