China Sanctions South Korean Shipbuilder Subsidiaries
China's Commerce Ministry announced a ban on dealings between Chinese companies and five subsidiaries of South Korean shipbuilder Hanwha Ocean.
This move is in response to a US probe into China's growing dominance in world shipbuilding, launched by the US Trade Representative in April 2024.
China's Commerce Ministry stated that the probe endangers China's national security and its shipping industry, citing Hanwha's involvement in the investigation.
- China is investigating the US probe and has threatened more retaliatory measures.
- The US Trade Representative launched the Section 301 trade investigation in April 2024, determining that China's strength in the industry was a burden to the US.
Author's summary: China sanctions Hanwha Ocean subsidiaries.
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