China sanctions 5 US units of South Korean shipbuilder Hanwha Ocean over probe Washington | World News
International shipping and shipbuilding have become a recent focus of trade friction between Washington and Beijing. (Photo: Pixabay)
China’s Commerce Minry said Tuesday it was banning dealings Chinese companies with five subsidiaries of South Korean shipbuilder Hanwha Ocean.
The minry announced Tuesday that it was also investigating a probe Washington into China’s growing dominance in world shipbuilding.
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The US Trade Representative launched the Section 301 trade investigation in April 2024. It determined that China’s strength in the industry was a burden to US businesses.
The sanctioned entities are Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC and HS USA Holdings Corp.
International shipping and shipbuilding have become a recent focus of trade friction between Washington and Beijing. Each side has imposed new port fees on each others’ vessels.
In late 2024, Hanwha acquired the Philly Shipyard in Pennsylvania for $100 million. It announced in August that it plans to invest $5 billion in new docks and quays as part of its support for U.S. efforts to restore globally competitive shipbuilding capacity.
