In a significant escalation of trade tensions between China and the United States, China’s Commerce Ministry announced on Tuesday a ban on Chinese companies engaging with five subsidiaries of South Korean shipbuilder Hanwha Ocean. This move is seen as a direct response to U.S. President Donald Trump’s efforts to revitalize the American shipbuilding industry. The sanctioned entities include Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC, and HS USA Holdings Corp.
China sanctions 5 US units of South Korean shipbuilder Hanwha Ocean over probe by Washington
