China said that it will impose sanctions on Lockheed Martin after the U.S. approved a possible $620 million deal in which Lockheed Martin supplies missile parts to Taiwan.
“China firmly opposes U.S. arms sales to Taiwan...We will impose sanctions on the main contractor of this arms sale, Lockheed Martin," said Chinese Foreign Ministry spokesman Zhao Lijian at a Beijing briefing on Tuesday.
However, he did not specify what form the sanctions would take.
This move comes as the White House on Monday said it rejected nearly all Chinese maritime claims in the South China Sea.
U.S.-China tensions have intensified in the past week as Washington criticizes Beijing's handling of the outbreak, its interference in Hong Kong politics, and, now, as stated above, its claim to offshore resources in the South China Sea.
"I think that [investors] should be concerned," said Jim Cramer when asked about the sanctions. "And what's not being talked about at the exact same time is that the Iranians and the Chinese have come up with a very, very big deal."
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