The US House of Representatives on Monday passed the Taiwan Conflict Deterrence Act, aimed at deterring Chinese aggression toward Taiwan by threatening to publish information about Chinese Communist Party (CCP) officials’ “illicit” financial assets if Beijing were to attack.
The act would also “restrict financial services for certain immediate family of such officials,” the text of the legislation says.
The bill was introduced in January last year by US representatives French Hill and Brad Sherman. After remarks from several members, it passed unanimously.
Photo: AFP
“If China chooses to attack the free people of Taiwan, [the bill] requires the Treasury secretary to publish the illicit assets of Beijing’s senior-most leaders, including the names of financial institutions and maintaining accounts,” Hill said during a speech to the House.
“Let these corrupt officials explain to ordinary Chinese citizens how they acquired their riches on a government salary,” Hill added, after suggesting that Beijing “has failed to deliver a social safety net and families are battered by sinking real-estate debt.”
“This bill goes beyond naming and shaming” as it would also “cut off access” to the US financial system for CCP officials and their “immediate family,” he said. “For Chinese officials whose families profit from their ill-gotten gains, they too will find the world becoming a much smaller place.”
The Arkansas representative said that the US’ formal diplomatic recognition of Beijing in 1979 was based on the premise that “the future of Taiwan would be determined by peaceful means.”
Any actions, including a blockade of Taiwan, would “threaten regional peace and security,” Hill said.
Sherman said that the bill “is designed to put the government of China on notice that the United States is closely watching its increasing threats toward Taiwan.”
“This bill does not focus on retaliating against the Chinese government per se, but rather on individuals who are in that government,” he said.
Sherman, who represents California’s 32nd district, said the measures stipulated in the act would only be triggered if the US president exercised their authority under Section 3 of the Taiwan Relations Act.
“I don’t expect that a triggering will ever occur, but it’s important to put Beijing on notice of what would happen if their threats against Taiwan raised to that level,” Sherman said.
In Taipei yesterday, Minister of Foreign Affairs Lin Chia-lung (林佳龍) expressed gratitude to the US Congress for using a “creative and effective way” to deter Chinese military aggression toward Taiwan.
“This kind of legislation allows us to jointly deter Chinese communist expansion and to uphold peace in the Indo-Pacific region, especially cross-strait stability and security,” Lin said.
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
RSS