China expresses "strong dissatisfaction" over US sale of frigates to Taiwan

The transcript discusses a bill that violates US-China agreements, particularly the 817 Communique, and interferes with China's internal affairs, harming its sovereignty and security. China expresses strong dissatisfaction and opposition, having lodged stern representations in Beijing and Washington. China reserves the right to take further action.

How does the statement characterize the current cross-strait relations?

What action does China reserve the right to take?