Three U.S. senators have proposed a bill that would allow for the imposition of financial sanctions against China in the event of an attack or invasion of Taiwan.
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 U.S. and China in such an event, and also require the U.S. president to implement sanctions within 30 days.
Sanctions under the proposed bill would include a ban on transactions of property, 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 on financial engagement with Chinese military and software companies, financial messaging systems and digital currencies.
In a press release issued Wednesday, Scott said Taiwan was one of the United States’ most important partners in the Asia-Pacific and that its peace and stability were in Washington’s security and economic interests.
“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.
“As Beijing quietly watches 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,” Scott said.
He said that passing the bill would make clear to Chinese Communist Party General Secretary Xi Jinpig (???) that if he mimics Russian President Vladimir Putin’s commencement of military action against neighboring Ukraine he would face economic isolation and severe financial sanctions.
The senator added that he would “urge my colleagues to join me in this important work and I hope to see this bill move swiftly through the Senate.”
Source: Focus Taiwan News Channel