Photo: ca.finance.yahoo.com
China Escalates Shipping Conflict with US, Targets Hanwha Entities Amid Tensions
Chinas recent sanctions against US entities linked to Hanwha Ocean highlight escalating tensions in the shipping sector amid broader US-China trade conflicts.
- On Tuesday, Chinas Ministry of Commerce announced restrictions on five US entities associated with Hanwha Ocean, a major South Korean shipbuilding firm.
- Following the announcement, shares of Hanwha Ocean dipped by as much as 8% in Seoul, marking their largest decline in two months.
- These actions come as Beijing retaliates against US shipping sector curbs, intensifying a long-standing dispute between China and the United States.
Why It Matters
This conflict underscores the deteriorating relations between China and the United States, particularly in strategic industries like shipbuilding, affecting global trade dynamics and economic stability.