Boeing could lose billions in contracts for commercial jetliners. A deal to speed lucrative sales of U.S. software to Chinese government agencies could come undone. Beijing may become more intransigent about revaluing its currency vis-a-vis the dollar. The business climate for U.S. companies heavily invested in China’s fast-growing market could turn chillier.
These are just some of the scenarios that could occur if Washington blocks the proposed sale of California oil and gas firm Unocal Corp. to the 70 percent government-controlled China National Offshore Oil Corp. on national security grounds, China-watchers and American business executives say.