China Retaliates Against U.S. With Sanctions on Lockheed, Raytheon

(Bloomberg) — China imposed fines and sanctions on two U.S. defense companies in a further escalation of tensions between the world’s two biggest economies.

Lockheed Martin Corp. and a subsidiary of Raytheon Technologies Corp. were added to a list of “unreliable entities” due to their participation in arms sales to Taiwan, China’s Ministry of Commerce said Thursday in a statement.