China announces countermeasures against 9 US firms involved in arms sales to Taiwan

The Chinese Foreign Ministry on Wednesday announced the country's decision to take countermeasures against nine U.S. military firms involved in arms sales to China's Taiwan region.

The countermeasures came after the U.S. government approved a new military sale package for Taiwan.

The U.S. move has seriously violated the one-China principle and the three China-U.S. joint communiques, severely interfered in China's internal affairs and gravely undermined its sovereignty and territorial integrity, according to a Foreign Ministry statement.

Among the nine firms shown in the attached List of Targets of Countermeasures are Sierra Nevada Corporation, Stick Rudder Enterprises LLC and Cubic Corporation, whose movable and immovable properties and other kinds of assets within China will be frozen, it said. Organizations and individuals in China are prohibited from transactions and cooperation with them.

The countermeasures came into force immediately on Wednesday.

China announces countermeasures against 9 US firms involved in arms sales to Taiwan

China announces countermeasures against 9 US firms involved in arms sales to Taiwan

China announces countermeasures against 9 US firms involved in arms sales to Taiwan

U.S. stocks ended lower on Wednesday, after the Federal Reserve announced a 0.5-percentage-point interest rate cut.

The Dow Jones Industrial Average fell 103.08 points, or 0.25 percent, to 41,503.1. The Standard and Poor's 500 sank 16.32 points, or 0.29 percent, to 5,618.26. The Nasdaq Composite Index shed 54.76 points, or 0.31 percent, to 17,573.3.

Nine of the 11 primary Standard and Poor's 500 sectors ended in red, with utilities and technology leading the laggards by losing 0.77 percent and 0.51 percent, respectively. Meanwhile, energy and communication services led the gainers by rising 0.25 percent and 0.02 percent, respectively.

The U.S. Fed cut interest rates by 50 basis points on Wednesday, bringing the benchmark rate to a range of 4.75 percent to 5 percent, the first rate cut in four years.

In its policy statement, the Fed said that the decision reflected "greater confidence that inflation is moving sustainably towards two percent" and that the central bank "judges that the risks to achieving its employment and inflation goals are roughly in balance."

Following the cut on Wednesday, U.S. stocks experienced volatile trading, swinging between gains and losses throughout the session.

US stocks close lower on Wednesday following Fed rate cut