The United States has warned China that the sanctions it coordinated against Russia over Ukraine should serve as a warning as to what to expect should Beijing move against self-ruled Taiwan.
After Beijing's reaction to U.S. House of Representatives Speaker Nancy Pelosi's August visit to Taiwan, Washington has ramped up discussions about sanctions options and the European Union is coming under diplomatic pressure from Taipei to do the same, sources told Reuters.
Craig Singleton, a former U.S. government official and sanctions expert with the Foundation for Defense of Democracies, said there might be a willingness to look at steps against financial institutions affiliated with China's ruling Communist Party, including the People's Bank of China central bank and the various state-run banks that support trade and industry, "but the bar would be rather high.
A total of 7,486 Japanese firms had local subsidiaries in China in the year that ended in March 2021, just under a third of all of Japanese firms' overseas subsidiaries, according to the latest survey from Japan's trade ministry. "So there will be a good subset of the global trading community that will be able to work around any direct sanctions on China."
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