China temporarily lifts sanctions on Hanwha Ocean’s US subsidiaries

China has decided to temporarily lift sanctions on Hanwha Ocean’s five U.S. subsidiaries for one year, following an agreement with the United States to avoid further escalation in their trade conflict. China’s Ministry of Commerce announced, Monday, that restrictions on Hanwha Shipping, Hanwha Philly Shipyard, Hanwha Ocean USA International, Hanwha Shipping Holdings and HS USA Holdings would be suspended for the next 12 months. This move comes after the U.S. agreed to pause its Section 301 investigation into China’s maritime, logistics, and shipbuilding industries for a year. In October, China placed the five Hanwha U.S. subsidiaries on a sanctions list prohibiting Chinese entities from engaging in transactions with them. This was in response to Hanwha’s cooperation with the U.S. government’s Section 301 probe into Chinese shipping and shipbuilding companies, which included port fees on Chinese vessels. Hanwha Philly Shipyard, a key site symbolizing Korea-U.S. shipbuilding cooperation, had publicly supported the U.S. investigation, drawing Beijing’s ire. The sanction suspensWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times