Two members of the US Senate Armed Services Committee have proposed a bipartisan bill that would impose sweeping sanctions on China if it attacks Taiwan, Focus Taiwan reports.
The bill states that sanctions would be imposed on China if it launches a “military invasion of Taiwan”.
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Senators Dan Sullivan (R-Alaska) and Tammy Duckworth (D-Illinois) introduced the Taiwan Act of 2024, or the Stand With Taiwan Act of 2024 for short, on July 25 to impose sanctions on aggressors of neighboring democracies.
According to a press release issued by Sullivan's office on July 26, the proposed bill “would impose devastating, wide-ranging economic, energy, financial, and other sanctions on China if the People's Liberation Army (PLA) launches a military invasion against Taiwan.”
The release said the sanctions would “include targeting Chinese Communist Party members and Chinese financial institutions and industrial sectors, as well as preventing US financial institutions, including investment companies, from investing in any Chinese entity that benefits or is affiliated with the CCP.”
Furthermore, as reported by Focus Taiwan, the bill would also restrict the import of goods produced by China into the United States.
“In these increasingly dangerous times, it is vital that the United States demonstrates firm, unwavering bipartisan commitment and resolve in support of Taiwan's democracy,” Sullivan said.
Tammy Duckworth said that as a global leader, it is important for the US to show support for Taiwan, which faces growing threats from China.
“Through this law we are sending a strong message to our partners [Taiwan] “We want to reassure our adversaries and allies that we are here for the long haul, and that we will not tolerate unilateral aggression that threatens the health and stability of a democratic friend or the global economy,” he said.
According to the draft bill, if it becomes law, the Stand With Taiwan Act would require sanctions to be imposed with respect to the People's Republic of China “if the People's Liberation Army launches a military invasion of Taiwan.”
The bill defines the term “military invasion” as an amphibious landing, airborne operation, aerial bombardment or blockade, missile attack, naval bombardment or blockade, or “an attack on any territory controlled or administered by the Taiwan Government, including offshore islands.”
The two senators were part of a US congressional delegation that visited Taiwan in May, where they met President Lai Ching-te (Lai King De) at the presidential office in Taipei, Focus Taiwan reported.
However, Sullivan previously introduced the Stand with Taiwan Act in 2022.
The bill was later referred to the Committee on Banking, Housing, and Urban Affairs, but no further action was taken by Congress regarding the proposed legislation.
Earlier on Tuesday, Taiwan's Ministry of Foreign Affairs (MOFA) thanked the two US lawmakers for their continued support and for proposing the Stand with Taiwan Act of 2024.
MOFA spokesman Jeff Liu said MOFA will closely monitor the progress of the legislation and “continue to work closely with friends from all regions of the United States based on the strong friendship between Taiwan and the United States”.