China imposes sanctions on US shipbuilders
Photo: China has imposed sanctions on a group of American shipbuilding companies (hanwha.com)
The Chinese government has announced sanctions against five US subsidiaries of South Korea's Hanwha Ocean, according to the Chinese Ministry of Commerce.
Hanwha Ocean is one of the world's largest shipbuilding companies, ranking second in the global rankings.
In addition, Beijing has launched an investigation into US protectionist measures in the maritime transport sector to assess their potential negative impact on China's shipbuilding and shipping industries.
One of the objectives of this investigation is to identify individuals and companies that contributed to the introduction of discriminatory measures by Washington. According to the Chinese Ministry of Commerce, the sanctions against Hanwha Ocean's US subsidiaries are related to their alleged involvement in actions against China.
"Hanwha Marine & Offshore Corporation's US subsidiaries participated in a US government investigation that threatens China's sovereignty and interests. In this regard, the Chinese authorities have decided to add five subsidiaries to the list of unreliable organizations and apply appropriate countermeasures to them," the Chinese Ministry of Commerce said in a statement.
The following companies were included in the sanctions list: Hanwha Shipping, Hanwha Philly Shipyard, Hanwha Ocean USA International, Hanwha Shipping Holdings, and HS USA Holdings Corp. Chinese legal entities and individuals are now prohibited from engaging in any cooperation or other forms of interaction with these Hanwha subsidiaries.
Economic confrontation between US and China
Earlier, US President Donald Trump intensified the trade confrontation with China. The day before, he announced the introduction of an additional 100% tariffs on imports from China and new restrictions on the export of critical software, which will take effect on November 1.
The US President is also threatening China with restrictions on exports of Boeing parts in response to Chinese sanctions.
