US EditionChina Blacklists 5 U.S. Subsidiaries of S. Korea Ship Maker Hanwha Ocean
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.
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54 Articles
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 …
ABC FOX Montana
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 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
Channel News Asia
PressNewsAgencyChina takes steps against US-linked units of South Korea shipbuilder Hanwha
BEIJING/SEOUL: China announced sanctions on Tuesday (Oct 14) against five US-linked subsidiaries of South Korean shipbuilder Hanwha Ocean amid trade tensions between the world's two largest economies, sending the company's shares sharply lower.The move, announced by the Chinese commerce ministry, comes on the
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