China sanctions 5 US units of South Korean shipbuilder Hanwha Ocean over probe by Washington
Summary
China's Commerce Ministry sanctions five subsidiaries of South Korean shipbuilder Hanwha Ocean amid U.S. investigation into China's dominance in shipbuilding, escalating trade tensions.
Key Points
- China bans dealings by Chinese companies with five subsidiaries of South Korean shipbuilder Hanwha Ocean.
- The U.S. Trade Representative launched a trade investigation into China's dominance in shipbuilding under Section 301.
- Hanwha Ocean acquired Philly Shipyard in Pennsylvania and plans to invest $5 billion in U.S. shipbuilding capacity.
- China imposes new port fees on ships connected to the United States in retaliation against trade frictions.
