Beijing has announced sanctions against five US-based subsidiaries of the South Korean shipping giant Hanwha Ocean, accusing the firm of cooperating with Washington in its curbs on China’s maritime sector, according to a statement from the Ministry of Commerce on Tuesday.
“Hanwha’s US-based subsidiaries have assisted and supported the US government in conducting the 301 investigation and imposing measures against China’s maritime, logistics and shipbuilding industries. China expresses strong dissatisfaction and firm opposition,” the spokesperson of China’s commerce ministry said on Tuesday.
Beijing placed five US-based subsidiaries of Hanwha on a countermeasures list in line with the country’s anti-foreign sanctions law and related regulations, the spokesperson said.
The move prohibits organisations and individuals in China from engaging in transactions or cooperation with them, he added.
The spokesperson also urged the US and related companies to respect facts and multilateral trade rules, adhere to market economy principles and fair competition and stop undermining China’s interests.
Meanwhile, China has also launched an investigation into the impact of the US Section 301 probe on its shipping, shipbuilding and related industries and supply chains, the Ministry of Transport said in an announcement.
