The presidential office said on the 14th that, regarding the Chinese government's decision to sanction five U.S. subsidiaries of Hanwha Ocean, it is operating the Korea-China trade channel to communicate and respond in order to minimize damage.
The presidential office said the same day in a notice from the Spokesperson's Office that whether it will affect the MASGA project, among other things, should be assessed comprehensively later. It added that transactions between the corporations and Chinese companies are not many, so the immediate impact appears limited, and that while it is hard to predict the possibility of additional sanctions, it will continue to keep a close watch.
Earlier, China's Ministry of Commerce issued a statement saying it would ban organizations and individuals in China from transaction and cooperation activities with five entities, including Philadelphia Hanwha Philly Shipyard and Hanwha Shipping. China's Ministry of Commerce said these subsidiaries supported and cooperated with related investigative activities by the U.S. government, harming China's sovereignty and security. China's Ministry of Commerce plans to launch additional investigations into whether specific countries and companies have engaged in acts that harm the development of its shipping and shipbuilding industries.