China sanctions Hanwha subsidiaries amid escalating U.S.-China shipping dispute
China hit five U.S. subsidiaries of South Korea’s Hanwha Ocean with sanctions, accusing them of aiding a U.S. probe into the global shipping industry. This move came alongside new port fees by both nations, escalating tensions in a vital trade sector. Beijing slammed the U.S. for what it called “unfair competition,” while Hanwha’s massive $5 billion U.S. investment only added fuel to the fire. As both sides dig in, this trade war could disrupt supply chains and shake up global shipping, with China sending a clear message about its growing influence over key industries. The stakes? Economic and geopolitical control over global shipping.
