China has added five US subsidiaries of South Korean shipbuilder Hanwha Ocean to its sanctions list for allegedly co-operating with American efforts to impose punitive fees on Chinese vessels that took effect on Tuesday, reports the Financial Times. Beijing said the measures against the South Korean companies, which come as tensions have flared up anew in trade talks with Washington, were part of a wider probe into entities that have allegedly assisted US actions against China’s dominance of global shipbuilding.
China’s ministry of commerce said on Tuesday it had enacted its anti-foreign sanctions law against Hanwha’s US units, sending the Korean group’s shares down as much as 8%.
“[Hanwha Ocean’s] US subsidiaries assisted and supported the US government in conducting the . . . investigation and taking measures against China’s maritime, logistics and shipbuilding sectors,” the ministry said.