US SB2960

Establishes a PRC Sanctions Task Force within 180 days, led by the State Department Coordinator for Sanctions and Treasury's Office of Foreign Assets Control Director, to identify military and non-military entities for potential sanctions in response to PRC aggression against Taiwan

Defines triggering actions as PRC attempts to overthrow Taiwan's government, occupy Taiwan's territory, conduct naval blockades, seize outlying islands, or perpetrate significant physical or cyber attacks against Taiwan

Requires the Task Force to brief Congress within 180 days on sanctions strategy, including analysis of economic consequences to the U.S. and allies, mitigation measures, and coordination with international partners

Mandates annual classified reports to Congress on identified entities, new authorities needed, economic impacts, and resource gaps at State, Treasury, and Commerce departments

Explicitly preserves the U.S. "One China" policy guided by the Taiwan Relations Act, three Joint Communiqués, and Six Assurances, and clarifies that no sanctions identified by the Task Force are self-executing without separate congressional authorization