China Sanctions Five U.S. Shipbuilders
According to the English section of webangah News agency, citing Mehr News Agency and ABC News, China’s Ministry of commerce has imposed sanctions on five American shipbuilders affiliated with south korea’s Hanwha Ocean shipyard.
The ministry also stated that it is reviewing Washington’s inquiry into China’s growing dominance in the global shipbuilding industry. The findings revealed that China’s power in this sector poses a burden on American businesses. The U.S.Trade Representative initiated this inquiry in April 2024.
The sanctions, effective promptly, bar Chinese organizations and individuals from any transactions, collaborations, or activities related to thes subsidiaries. Following China’s move, Hanwha Ocean’s shares fell by more than eight percent.
International maritime transport and shipbuilding have recently become central points of trade disputes between Washington and Beijing, with both sides imposing new port fees on each othre’s vessels.
In late 2024, Hanwha acquired Philly Shipyard in Pennsylvania for $100 million.In August, the company announced plans to invest $5 billion in new docks and ports to support U.S. efforts aimed at rebuilding competitive global shipbuilding capacity.
