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China sanctions 5 US units of South Korean shipbuilder Hanwha Ocean over probe by Washington
China's Commerce Ministry banned dealings with five Hanwha Ocean subsidiaries in retaliation to U.S. port fees on Chinese ships, escalating trade tensions between the two countries.
- On Oct 14, China's Commerce Ministry announced sanctions on five U.S.-linked subsidiaries of South Korean shipbuilder Hanwha Ocean as countermeasures, Beijing said.
- Washington's investigation into China’s shipbuilding drew Beijing's scrutiny, as the U.S. Trade Representative launched a Section 301 probe in April 2024, which Beijing said pressured its maritime sector.
- The sanctioned subsidiaries include Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC, and HS USA Holdings Corp, while Hanwha acquired the Philly Shipyard in late 2024 for $100 million and plans a $5 billion investment in new docks.
- China's order took effect immediately, barring dealings; Chinese organisations and individuals cannot transact with Hanwha Ocean, whose shares in Seoul fell over 8%.
- Beijing paired the Hanwha sanctions with broader export and blacklist measures as both sides implemented reciprocal port fees on each other's vessels Tuesday, under China’s anti-foreign sanctions law.
86 Articles
86 Articles
China Targets South Korean Shipbuilder Hanwha Over US Probe
The Chinese communist regime on Oct. 14 sanctioned five U.S.-linked units of South Korean shipbuilding giant Hanwha Ocean and threatened further retaliatory actions against entities supporting the U.S. government’s investigation into its maritime sector. The affected subsidiaries are Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC, and HS USA Holdings Corp, according to a notice …
Nasdaq futures tumble 1.3% premarket as China launches fresh shipping ban, 'signaling it will hit third-country firms that help Washington'
U.S. markets slumped early Tuesday after Chinese sanctions against the U.S. subsidiaries of a major South Korean shipbuilder shook a fragile sense of calm over trade tensions with Washington. Futures for the S&P 500 lost 1% before the opening bell, while futures for the Dow Jones Industrial Average slid 0.6%. Nasdaq futures tumbled 1.3% as a broad of swath of technology companies saw their shares slide. China’s Commerce Ministry said Tuesday it …
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China sanctions five US units of South Korean ship giant Hanwha
China imposed sanctions on five American subsidiaries of South Korean shipbuilder Hanwha Ocean on Tuesday, accusing them of supporting a US government investigation into the shipping industry, as tit-for-tat port fees took effect.
China sanctions 5 U.S. units of South Korean shipbuilder Hanwha Ocean over probe by Washington
China’s Commerce Ministry said Tuesday it was banning dealings by Chinese companies with five subsidiaries of South Korean shipbuilder Hanwha Ocean in the latest swipe by Beijing at U.S. President Donald Trump's effort to rebuild the industry in America.
China takes steps against U.S.-linked units of South Korea shipbuilder Hanwha
The move, announced by the Chinese Commerce Ministry, comes on the day that China and the U.S. implement additional port fees targeting each others’ vessels, although China has exempted ships it built
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