China sanctiones five U.S. subsidiaries of Hanwha Ocean for aiding U.S. probes into its shipping sector

China hit back Tuesday by sanctioning five U. S.-based subsidiaries of South Korea’s Hanwha Ocean, sending shares of the shipbuilder tumbling over 8% in ￰0￱ Chinese government said the action was triggered by Hanwha’s alleged support for ￰1￱ into China’s maritime and shipbuilding ￰2￱ blacklisted firms are Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC, and HS USA Holdings ￰3￱ sanctions took effect immediately and block all Chinese businesses and individuals from working with them. China’s Commerce Ministry said the measure was taken to “safeguard sovereignty and national security.” A spokesperson from China’s Ministry of Commerce (Mofcom) stated, “Hanwha’s subsidiaries in the ￰4￱ assisted and supported the U.

S. government’s probes and measures against Chinese maritime, logistics, and shipbuilding ￰5￱ is strongly dissatisfied and resolutely opposes it.” The quote was translated and published by ￰6￱ Johnson, spokesperson for Hanwha USA, responded in a short statement: “We are aware of the announcement by the Chinese Ministry of Commerce, and we are currently reviewing the ￰7￱ will continue to provide world-class maritime services to our customers, including through our investments in the ￰8￱ industry and via Hanwha Philly Shipyard.” Beijing adds port fees and targets rare earth exports Hours before announcing the sanctions, China said it had started collecting new port fees on all vessels linked to the United ￰9￱ charge stands at 400 yuan—roughly $56 per net ton—and kicked in Tuesday at 12:01 a.

m. EDT, exactly when the ￰10￱ imposing steep port fees on Chinese ships. China-built vessels will not be subject to these fees, according to ￰11￱ gives a loophole to ships made in China, but it hits American shipping firms ￰12￱ ships vary between 50,000 to 220,000 tons, so this isn’t small ￰13￱ the same time, China has expanded its blacklist of American companies and pushed forward a new rare earth export restriction ￰14￱ comes as a direct reply to ￰15￱ Donald Trump threatening 100% additional tariffs on Chinese ￰16￱ return, Beijing said its rare earth move was “legitimate.” There’s also a separate front now. China’s Ministry of Transport opened a full investigation into how the ￰17￱ 301 probe is affecting China’s shipping and shipbuilding ￰18￱ probe is the same one the sanctioned Hanwha subsidiaries are accused of ￰19￱ said the investigation will focus on whether any companies, individuals, or groups helped the ￰20￱ “discriminatory restrictive behaviours” against the China-linked shipping supply ￰21￱ up to $30,050 in trading rewards when you join Bybit today