US blacklists China's largest shipping company over military ties
Illustrative photo: The US has blacklisted China's largest shipping company (Getty Images)
The United States has blacklisted China's largest shipping company and two shipbuilders, suspecting them of potential ties to the People's Liberation Army of China, according to Bloomberg.
The blacklisted company is Cosco Shipping Holdings Co., which was added to the US Federal Register blacklist on Tuesday, January 7. While this list does not impose specific penalties, it discourages certain US firms from collaborating with these companies.
The list also included Tencent Holdings Ltd, Contemporary Amperex Technology Co Ltd, and the Chinese oil company Cnooc Ltd.
Notably, on January 7, following this announcement, Cosco's shares dropped by 4.4% in Hong Kong, while Cnooc's shares fell by 1.6%.
Bloomberg writes that this decision signals increased scrutiny of maritime transport and shipbuilding as Donald Trump prepares to return to the White House.
Restrictions on China
Earlier, it was reported that China is limiting the export of drone components to the US and Europe. It was stated that by 2025, Beijing could impose even harsher restrictions and expand its control over the export of parts.
