Three US senators have proposed a bill that would allow for financial sanctions against China in the event of an attack or invasion of Taiwan.
US senators Rick Scott, Kevin Cramer and John Kennedy introduced the deterring communist Chinese aggression against Taiwan through financial sanctions act, which would seek to impose financial sanctions on Beijing should it invade, blockade or enact regime change in Taiwan through the use of force.
The act would sever all financial transactions between the US and China in such an event, and also require the US president to implement sanctions within 30 days.
Photo: EPA-EFE
Sanctions would include a ban on transactions of property, the revocation of visas and restrictions on Chinese nationals involved in the use of force against Taiwan; restrictions on transfers of credit or payments between financial institutions with China; a ban on investment in equity or debt of sanctioned persons; and a prohibition against financial engagement with Chinese military and software companies, financial messaging systems and digital currencies.
Taiwan is one of the US’ most important partners in the Asia-Pacific region, and its peace and stability are in Washington’s security and economic interests, Scott said in a statement on Wednesday.
“We have watched communist China’s increasingly frequent actions to harass and intimidate the Taiwanese people, through regular military encroachments and cyberattacks. We must be clear that these intimidation tactics will not be ignored,” the statement said.
“As Beijing quietly watches [Russian President Vladimir] Putin’s invasion of and assault on Ukraine, America must stand strongly behind our partners in democracy, and leave no ambiguity as to our resolve to condemn and punish tyrants who attack our partners,” it said.
He said that passing the bill would make clear to Chinese President Xi Jinping (習近平) that if he follows Putin’s example, he would face economic isolation and severe financial sanctions.
LIMITS: While China increases military pressure on Taiwan and expands its use of cognitive warfare, it is unwilling to target tech supply chains, the report said US and Taiwan military officials have warned that the Chinese People’s Liberation Army (PLA) could implement a blockade within “a matter of hours” and need only “minimal conversion time” prior to an attack on Taiwan, a report released on Tuesday by the US Senate’s China Economic and Security Review Commission said. “While there is no indication that China is planning an imminent attack, the United States and its allies and partners can no longer assume that a Taiwan contingency is a distant possibility for which they would have ample time to prepare,” it said. The commission made the comments in its annual
DETERMINATION: Beijing’s actions toward Tokyo have drawn international attention, but would likely bolster regional coordination and defense networks, the report said Japanese Prime Minister Sanae Takaichi’s administration is likely to prioritize security reforms and deterrence in the face of recent “hybrid” threats from China, the National Security Bureau (NSB) said. The bureau made the assessment in a written report to the Legislative Yuan ahead of an oral report and questions-and-answers session at the legislature’s Foreign Affairs and National Defense Committee tomorrow. The key points of Japan’s security reforms would be to reinforce security cooperation with the US, including enhancing defense deployment in the first island chain, pushing forward the integrated command and operations of the Japan Self-Defense Forces and US Forces Japan, as
‘TROUBLEMAKER’: Most countries believe that it is China — rather than Taiwan — that is undermining regional peace and stability with its coercive tactics, the president said China should restrain itself and refrain from being a troublemaker that sabotages peace and stability in the Indo-Pacific region, President William Lai (賴清德) said yesterday. Lai made the remarks after China Coast Guard vessels sailed into disputed waters off the Senkaku Islands — known as the Diaoyutai Islands (釣魚台) in Taiwan — following a remark Japanese Prime Minister Sanae Takaichi made regarding Taiwan. Takaichi during a parliamentary session on Nov. 7 said that a “Taiwan contingency” involving a Chinese naval blockade could qualify as a “survival-threatening situation” for Japan, and trigger Tokyo’s deployment of its military for defense. Asked about the escalating tensions
The Ministry of Economic Affairs said it plans to revise the export control list for strategic high-tech products by adding 18 items under three categories — advanced 3D printing equipment, advanced semiconductor equipment and quantum computers — which would require local manufacturers to obtain licenses for their export. The ministry’s announcement yesterday came as the International Trade Administration issued a 60-day preview period for planned revisions to the Export Control List for Dual Use Items and Technology (軍商兩用貨品及技術出口管制清單) and the Common Military List (一般軍用貨品清單), which fall under regulations governing export destinations for strategic high-tech commodities and specific strategic high-tech commodities. The
RSS