A hull part that shall be despatched to the ultimate meeting base is loaded onto a semi-submersible vessel at Hanwha Marine Engineering (Shandong) Co LTD in Yantai, China, on September 16, 2024.
Costfoto | Nurphoto | Getty Photos
China on Tuesday added 5 U.S. subsidiaries of South Korean shipbuilder Hanwha Ocean to its sanction checklist over their alleged involvement in Washington’s probe into the Chinese language transport trade, escalating tensions between Beijing and Washington.
The sanctioned subsidiaries embody Hanwha Transport LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA Worldwide LLC, Hanwha Transport Holdings LLC, and HS USA Holdings Corp, in response to a press release from China’s Commerce Ministry.
The order, which took impact instantly, will prohibit Chinese language organizations and people from doing enterprise with the sanctioned firms, the assertion mentioned.
The transfer adopted the U.S. resolution to impose steep charges on Chinese language ships docking at American ports beginning Tuesday at 12:01 a.m. EDT.
China retaliated with the same cost of 400 yuan ($56) on American vessels, beginning on the identical day.
Beijing has additionally unveiled a brand new framework for restricting rare earths exports and expanded its blacklist of U.S. firms.
In response, U.S. President Donald Trump threatened to impose 100% extra tariffs on Chinese language imports, prompting Beijing to claim its uncommon earths restrictions as a “legitimate” measure.
Shares of Hanwha Ocean in Seoul plunged over 8% following the announcement.
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