China began to impose trade restrictions and sanctions against Taiwan against the backdrop of the visit of the speaker of the US House of Representatives, Nancy Pelosi. Imports from Taiwan of lemons, grapefruits and oranges, as well as two types of fish: frozen mackerel and hairtails, have been suspended. It is reported by Reuters with reference to the Chinese customs.

Pelosi herself is holding meetings with officials in Taipei at this time: she has already talked with Vice Speaker of Parliament Cai Qichang and Chief of Staff Tsai Ying Wen. Following the meeting, Pelosi said that the United States may soon conclude a trade agreement with Taiwan, broadcast by Bloomberg TV.

While there is no talk of any agreement, the Ministry of Commerce of the People's Republic of China announced that it will stop supplying sand to Taiwan from August 3. In addition, companies involved in the production of tea, dried fruits, honey, cocoa beans and vegetables were blacklisted, TASS reported.

China is also imposing disciplinary measures against the Taiwan Democracy Foundation and the Foundation for International Cooperation and Development. This was announced by Ma Xiaoguang, representative of the Taiwan Affairs Office of the State Council of the People's Republic of China, as quoted by Interfax. According to him, these structures under the guise of "democracy" and "development of cooperation" at the international level are engaged in separatist activities aimed at declaring the independence of Taiwan. The foundations were banned from working with organizations, businesses and individuals in mainland China. Sanctions are also provided for organizations, enterprises and individuals that finance or assist these organizations.

Ma Xiaoguang, spokesman for the Taiwan Affairs Office of the State Council of the People's Republic of China, promised the Taiwan leader "an accelerated collapse and a great catastrophe," warning that the PRC would defend its territorial integrity.

Due to the situation around Pelosi's visit to Taiwan, the stock markets of the US and China collapsed : the main US indices closed in the red on Monday's trading results, and Chinese indices closed in the red on Tuesday's trading results. For example, the index of 300 largest Chinese companies (CSI 300) following the results of trading on Tuesday fell by 1.95%, from 4144.38 to 4107.02 points.

Around 5:44 pm (UTC) on August 2, Pelosi's plane landed in Taiwan despite China's threats to take action if she visits. 10 minutes before the plane landed, Taiwanese television announced the introduction of a second level of combat readiness in the country. Both China and Taiwan put their fighters into the air, Taiwanese forces went on "alert", and the Chinese aircraft carriers Liaoning and Shandong put to sea. 8 F15 fighters and 5 tanker aircraft were raised from the American base in Okinawa.