S&P 500 falls as ongoing government shutdown, trade jitters weigh
Investing.com-- China’s commerce ministry announced on Tuesday that it is imposing sanctions on five U.S.-based subsidiaries of South Korean shipping giant Hanwha Ocean (KS:042660), accusing them of aiding Washington’s restrictions on Chinese maritime, logistics, and shipbuilding sectors.
The subsidiaries have been added to a Chinese “countermeasures list,” barring Chinese individuals and organizations from transacting or cooperating with them, according to the statement.
The sanctioned subsidiaries include Hanwha Shipping, Hanwha Philly Shipyard, Hanwha Ocean USA International, Hanwha Shipping Holdings, and HS USA Holdings Corp, the statement said.
Seoul-listed shares of Hanwha Ocean slipped as much as 8% on Tuesday.
The action comes after Washington began imposing hefty tariffs on Chinese vessels arriving at U.S. ports starting Tuesday.
The move marks a further escalation in economic tensions between Beijing and Washington, and comes as both sides continue to trade countermeasures over trade, technology and strategic industries.