As the United States and China sharpen their stances by simultaneously imposing vessel port entry fees, the Chinese government announced sanctions targeting five U.S. subsidiaries of Hanwha Ocean.
China's Ministry of Commerce said on the 14th that it will publish the Decision on adopting countermeasures against five U.S. subsidiaries of Hanwha Ocean Co., Ltd. to retaliate against the United States' Section 301 investigation measures (Trade Act) into China's maritime, logistics, and shipbuilding industries.
The sanctioned companies are Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC, and HS USA Holdings. The Chinese government decided to prohibit organizations and individuals in China from engaging in transactions or cooperation with these companies.
A Spokesperson for China's Ministry of Commerce said, "The U.S. subsidiaries of Hanwha Ocean Co., Ltd. cooperated with and supported the U.S. government's related investigative activities, harming China's sovereignty, security, and development interests. China expresses strong dissatisfaction and firm opposition."
3월 Ryan Lynch, Hanwha Shipping vice president, said at a U.S. Trade Representative (USTR) public hearing that he supports and will help the U.S. policy to contain China's shipbuilding and shipping industries. Hanwha Shipping is headquartered in Texas.
Hanwha Ocean believes there will be little impact because the five sanctioned companies do not conduct business in China. A company official said, "We are aware of the Chinese government's announcement and are carefully reviewing the business impact of the measures on us."