China has reportedly imposed sanctions on several subsidiaries and senior executives of Lockheed Martin Corp.
The sanctions include freezing the assets of Lockheed Martin's senior executives, including Chairman James Donald Taiclet, and banning their entry into China, reported Reuters.
China's foreign ministry announced that the sanctions target Lockheed Martin Missile System Integration Lab, Lockheed Martin Advanced Technology Laboratories, and Lockheed Martin Ventures, per the report.
Beijing has repeatedly urged the U.S. to cease its arms sales to Taiwan, a self-governed island that China claims as its own.
This latest round of sanctions is part of a broader effort by China to counter foreign actions against it, especially those related to Taiwan. China's sanctions law, enacted in 2021, aims to provide legal grounds for retaliatory measures.
This is not the first time China has sanctioned U.S. defense contractors for their dealings with Taiwan. In September last year, China sanctioned Lockheed Martin and Northrop Grumman Corp.
Prior to that, Lockheed Martin and RTX Corporation
Earlier in May, the Biden administration imposed new tariffs on Chinese imports, targeting sectors such as electric vehicles, batteries, and semiconductors.
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Price Action: LMT shares are trading higher by 0.23% at $467.43 at last check Friday.